Retail fund inflows and FUM continue to impress
The National/MLC group topped the chart in retail funds under management (FUM) for the June quarter, according to Standard & Poor’s (S&P) latest market share report, having overtaken the Commonwealth/Colonial group in the last year.
This positive result for National/MLC mirrors the high-performing retail managed funds market. Flows into retail managed funds continued to surge, adding $12.3 billion in the June quarter and $31.8 billion for the year to June 30.
Rounding out the top three retail funds in terms of FUM are National/MLC on $58.3 billion (12.3 per cent market share), Commonwealth/Colonial on $57.6 billion (12.2 per cent market share) and AMP on $53.2 billion (11.3 per cent market share).
The measurement of net fund under administration flows for the June quarter showed a wider disparity, with AMP’s flows of $2.5 billion outstripping its nearest competitor, Macquarie Bank group, by $800 million.
S&P attributed AMP’s growth in fund flows, which are up $1.6 billion from the March 2006 quarter, to the Government’s superannuation changes. AMP’s Signature Super Future Directions Balanced fund received the highest inflows, accounting for $1.1 billion of the June quarter flows.
According to the S&P report, “The net flows into retail are 92.2 per cent higher for the June 2006 quarter than for the March 2006 quarter, and 123.6 per cent higher than for the June 2005 quarter”.
“The Federal Government’s Budget announcements in relation to superannuation contributed to large inflows over the June quarter,” said S&P director of fund data and client services Julie Orr.
Recommended for you
As advisers risk losing two-thirds of FUA during the $3.5 trillion wealth transfer, two co-founders underscore why fostering trust with the next generation is vital to retaining intergenerational wealth.
As advisers seek greater insights into FSCP determinations, what are the various options considered by the panel and can a decision be appealed?
Amid the current financial adviser shortage, advice firm Link Wealth is looking to expand its financial literacy program for high school students across the country.
TAL Risk Academy has updated its range of ethics courses to help financial advisers meet their CPD requirements following adviser feedback, including interpreting FSCP determinations.