Macquarie inflows benefit from Perpetual deal
Macquarie Group has reaped the benefits of integrating Perpetual’s Private Wealth Platform into its wrap business, recording a 46.7 per cent increase in retail managed fund flows.
The new analysis of the retail managed funds sector published by Plan For Life, showed Macquarie’s fund flows grew by more than $11 billion in the last financial year.
“The lion’s share of the increase in Macquarie business came from its amalgamation of the $7.6 billion Perpetual Private Wealth Platform into its wrap business, and if this was excluded its annual rate of funds growth would have been a more moderate but still solid 15 per cent,” Plan for Life stated.
The retail managed funds industry has grown by $17 billion in the 2012/13, with most major players achieving double-digit growth.
Plan for Life attributed most of the 17.9 per cent growth to the solid performances on underlying investment markets during this period.
AMP and IOOF also reported high growth in the retail funds management space (25 per cent and 18.6 per cent respectively), with National Australia Bank, Commonwealth Bank and Westpac also recording solid years.
The only major player to record negative growth in inflows over the year was Perpetual, though it was a slight 0.7 per cent decrease.
Retail funds in Australia now manage over $590 billion, according to Plan for Life.
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