No growing pains for BT
BT Financial Group commanded the lion’s share of growth in both funds under management and new inflows over the 12 months to 30 June, 2010, according to the latest data from Plan For Life.
The Plan For Life data pointed to annual growth of funds under management for BT of more than 11 per cent, as well as an annual growth rate of more than 50 per cent where new fund flows were concerned.
National Australia Bank/MLC reported annual growth in funds management of more than 48 per cent, attributable to its takeover of Aviva.
Mercer and AXA Australia both clocked annual funds under management growth rates of over 10 per cent, closely followed by Commonwealth/Colonial at 9.9 per cent, while Perpetual was in the red on growth by 3.3 per cent.
National Australia Bank/MLC and Commonwealth/Colonial showed strength in new inflows, reporting annual growth in new inflows of 36 and 9.9 per cent respectively.
Negative annual growth in new inflows was felt by a number of managers: Goldman Sachs JBWere Asset Management (-18.2 per cent), Macquarie (-15.8 per cent), ING Australia (-14.5 per cent), UBS Global Asset Management (12 per cent), AMP (-3.7 per cent) and AXA Australia (-0.8 per cent).
The data refers to an administrator view of retail managed funds — which includes white labelled products.
Recommended for you
The FSCP has announced its latest verdict, suspending an adviser’s registration for failing to comply with his obligations when providing advice to three clients.
Having sold Madison to Infocus earlier this year, Clime has now set up a new financial advice licensee with eight advisers.
With licensees such as Insignia looking to AI for advice efficiencies, they are being urged to write clear AI policies as soon as possible to prevent a “Wild West” of providers being used by their practices.
Iress has revealed the number of clients per adviser that top advice firms serve, as well as how many client meetings they conduct each week.
