Platform market down slightly
After a sizeable dip in funds under management (FUM) in 2011, the total platform market ended the year to 31 March 2012 almost unchanged.
This flat result - a drop of $1.4 billion - masked what was a year of high volatility as global investment markets nervously ebbed and flowed, ultimately going nowhere.
This is according to Plan For Life analysis, which found the March quarter saw masterfunds jump $21.7 billion, offset by the 'sell in May and go away' sentiment due to the unresolved financial crisis primarily in Europe and the United States.
Of major institutions, BT Financial Group, AMP and Commonwealth Bank managed to retain some growth in platform FUM, while MLC, OnePath, Macquarie Bank and IOOF all recorded negative growth in the year to end of March.
Perpetual, however, recorded the largest dip over the period, with its platform FUM falling 10.9 per cent.
When divided by sectors, data shows wraps suffered the most, with a 3.6 per cent drop. Regular platforms remained virtually unchanged, while masterfunds grew by 6.4 per cent.
Recommended for you
Clime’s disposal of advice licensee Madison “needed to happen yesterday”, managing director Michael Baragwanath has told Money Management, as he concludes a severe cost-out period at the business.
As Viola Private Wealth continues on its growth trajectory, the wealth management firm has appointed a seasoned investment professional to be its first chief investment officer.
Financial advisers who wish to implement artificial intelligence in their practices need to undergo a change in their mindset as to how they use technology.
With United Global Capital expected to constitute a substantial portion of CSLR compensation in FY25–26, what has AFCA ruled in its determinations on the company so far?
