Smaller players shine through in Assirt report
Some of the smaller players in the funds management business are recording the most impressive growth in fund inflows, with the latest market share report fromAssirtshowingPlatinum Asset Management,UBS Asset ManagementandHunter Hall Investment Managementattracting significant net flows for the June 2002 quarter.
In a challenging market environment where the retail funds management market fell by 1.7 per cent overall and net fund inflows fell sharply by 47 per cent, smaller players are making their presence felt and grabbing a larger proportion of shrinking business.
Platinum, which ranked fourth in Assirt’s previous quarterly report, climbed to the top of the industry in terms of net inflow, taking in $676 million of new money over the three months to June. UBS Asset Management continues to make its presence felt, rising to fourth position with net inflow of $535 billion. And Hunter Hall pushed in to the top 10 ranking of managers in this area, sliding in at 10th position with net inflow of $98 million.
Macquarie BankGroup Managed Funds reported the most impressive growth, recording net inflow worth $253 million. The group climbed to 6th position from 72nd last quarter, mostly on the back of its cash management trust. AndRoyal & Sun Alliancejumped to 9th position with $105 million of net inflows, up from 40th position in the previous quarter, a result attributed to the success of the group’s bond funds.
Industry consolidation has also played its part in reshaping the latest Assirt report.Colonial First StateandCommonwealthfigures were combined by Assirt for the first time since their merger some two years ago, and the group recorded net outflows of $135 million. However, Colonial would have topped the table for fund inflows had it been measured alone, with net inflows of $780 million.
INGalso suffered by association withANZfunds, as ANZ outflows caused the newly combined ING / ANZ funds management operation to drop from 10th to 12th position in the latest report.
However, in the ranking of managers according to total assets under management, Colonial and Commonwealth held firm at first position with 13 per cent of market share, and ING Australia rose from ninth to sixth place, with six per cent of total market share.
In the top 10 list of discretionary master funds,AMP Financial Servicesgrabbed 25 per cent of market share, andAsgardfollowed with 12 per cent of market share.
Meanwhile, IPAC Asset Manager was the strongest fund of funds performer, with 28 per cent of the market and more than $4 billion worth of funds under management.AXA Australiaand AM Management were the next best performing fund of funds.
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