Record FUM fall for retail managed funds
Funds under management (FUM) fell across the retail managed fund sector by 8.8 per cent in March — the largest quarterly fall on record, according to a survey by researcher Plan for Life.
It also found net retail fund flows fell 17.3 per cent to $1.9 billion in the quarter.
Retirement income flows remained strong, however, boosted by the new Federal transition to retirement rules.
These flows of $1.7 billion accounted for almost 90 per cent of net retail flows in the quarter.
Macquarie captured 43.1 per cent of net retail fund flows, followed by St George, Aviva, AMP and AXA, which collectively captured 54 per cent of flows.
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