Masterfunds plummet in September quarter
The masterfund market dropped $23.4 billion in funds under management (FUM) through the September quarter, resulting in an overall 2.9 per cent or $12 billion drop over the 12 months to September 2011, according to Plan For Life data.
The most recent figures show the masterfund market at $405.6 billion after being driven down by volatile global investment markets affected by European sovereign debt crises and US government deficits, according to Plan For Life.
Inflows into masterfunds in the 12 months to September 2011 were $111.6 billion, up from $102.6 billion in the prior corresponding period. Outflows also increased, however - up 17.5 per cent from $84.6 billion to $99.4 billion.
BT is the overall market leader in terms of FUM with $83.9 billion or 20.7 per cent, ahead of NAB / MLC (18.1 per cent), AMP (16.6 per cent) and Commonwealth / Colonial (13.8 per cent). BT experienced by far the greatest inflows for the year with a $41.8 billion (37.5 per cent) increase.
Next best was Commonwealth / Colonial with $17.3 billion (15.5 per cent). They were also the best performed in terms of net increase, up $7 billion and $3 billion respectively.
Wraps, which make up around one third of the masterfunds market with $140 billion in FUM, were down 4.3 per cent over the year. This was despite net inflows of $5.1 billion, according to Plan For Life.
The leading players in terms of FUM are BT ($29.3 billion), NAB / MLC ($25.2 billion), Macquarie ($21.6 billion) and AMP ($14.9 billion). BT now administers almost half the market, having increased its share of funds administered from 20.9 per cent to 48 per cent.
Platforms, which make up around half of the masterfunds market, were similarly down 4.2 per cent, again despite slight net inflows of $1.5 billion. The main players are Commonwealth / Colonial ($46.2 billion), NAB / MLC ($46.0 billion), AMP ($44.1 billion), IOOF ($20.7 billion) and OnePath ($17.7 billion).
Master trusts actually increased by $5.6 billion due to $5.5 billion of net inflows, up to $65 billion. The market leaders are AMP ($19.4 billion), BT ($15.5 billion) and OnePath ($10.1 billion), according to Plan For Life.
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