Managed funds assets down by $91 billion
Total assets of managed funds institutions have plunged by $91 billion in the December 2008 quarter, a drop of 7 per cent, according to figures released by the Australian Bureau of Statistics. The total number of managed fund assets in December was $1.19 trillion.
Super fund assets dropped by $61 billion from September to December last year, a decrease of 8 per cent in the last quarter, while life insurance office assets dropped by more than $15 billion. Public unit trusts and cash management trusts dropped by 5 per cent and 2 per cent respectively.
Investments in equities and unit trusts were down by $67 billion in the last quarter, while overseas assets and short-term securities were down by more than $29 billion and $10 billion respectively.
The drop in assets were primarily the result of valuation changes, with the S&P\ASX 200 falling 19.1 per cent and the value of the Australian dollar dropping by 13.4 per cent against the US dollar.
The funds under management held by investment managers were down by 11 per cent in the last quarter to just over $1 trillion.
AUTHOR
Benjamin Levy
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