Managed funds up for first time in more than 12 months
Australian managed fund assets have recovered slightly for the first time in more than 12 months, recording a rise of 5.1 per cent to $850.9 billion, according to managed fund research released by Morningstar. Managed fund assets have recorded negative performances since March 2008.
The positive market performance also helped retail fund assets, which jumped 4.2 per cent over the June quarter to reach $280.4 billion. However, net retail fund inflows were negative during the same period.
Wholesale fund assets jumped by 7 per cent to $14.3 billion during the quarter, recovering part of the 29 per cent fall in assets since December 2007.
Retail platform assets have also reversed their negative performances for the previous six quarters, with a rise of nearly $22 billion to $322 billion during the June quarter. An increase in asset values contributed to 80 per cent of the growth in assets over the quarter, with net inflows contributing only $4.2 billion.
Aberdeen recorded the largest increase in assets over the quarter, with a jump of $13.3 billion to more than $18 billion, while AXA’s total assets falling by 8.5 per cent to $31.8 billion. AMP took $616.8 million in retail funds during the same period.
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