National tops March inflows
The National, soon to be Australia’s third biggest fund manager, has taken top spot in inflow of funds for the three months to the end of March.
The National, soon to be Australia’s third biggest fund manager, has taken top spot in inflow of funds for the three months to the end of March.
Strong inflows into the group’s allocated pension and personal superannuation products helped the group to the top of the Assirt inflow tables with $583 million flowing into the group in the first three months of the year.
The strong showing put the group into the number three position in inflows for the year to March 31, behind the Commonwealth and the AMP.
The flood of money coming into AMP over the past two quarters eased a little, putting the group in the number five position for the quarter with inflows of $307 million. However, the group was way in front of its rivals as far as inflows for the year, with more than $2.8 billion flowing into its managed funds.
But while AMP remains at the number one position in total funds under manage-ment with $71.1 billion under management, this is likely to be the last quarter where the group tops the charts. A combined Colonial/ Commonwealth will take top spot with more than $82 billion under management, but AMP will remain ahead of the combined National / Lend Lease with its $50 billion under manage-ment.
BT had its strongest showing in years in the first three months of the year, record-ing net inflows of $405 million for the quarter, compared to outflows of more than $100 million in the last nine months of last year. It appears the group has recovered from the jitters caused by the change in ownership last year.
Total assets under management in the industry have increased by 2.5 per cent to $187.3 billion, from last year’s figures of $182.7 billion. Unit trusts and allocated pensions/ annuities continue to lead the charge while insurance and friendly society bonds continue to bleed funds.
Top 10 Retail Fund Managers
Manager Net inflow Net inflow
quarter ($M) year ($M)
1. National 583 1,527
2. BT 405 302
3. Colonial * 336 1,461
4. Lend Lease 307 1,440
5. AMP 307 2,802
6. Commonwealth 237 1,748
7. Perpetual 176 821
8. Ipac 124 450
9. Merc Mutual 114 1,132
10. State Super 98 363
*includes Colonial First State
Source: Assirt
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