NZ fund managers swap seats
There’s been a major shake-up of inflow rankings that’s seen fund managers in New Zealand getting all the money from investors and advisers, according to research house IPAC Securities.
Top of the pops in the December quarter, in terms of funds flow, was New Zealand Funds Management with $111 million, or more than a quarter of the overall net inflows.
WestpacTrust slipped to number two spot, and once again scored well with its relatively new Home Loan Trust.
IPAC Securities general manager David van Schaardenburg says there was "a lot more movement in the lower net funds flow ranks."
Armstrong Jones leaped from tenth position to sixth while the National Bank moved from ninth to seventh.
"The big movers were Tower Group and BT. Tower fell nine places from fourth spot with net funds flow of $52 million in the September quarter to 13th place with $5 million net funds flow this quarter.
"Similarly, BT slipped seven places to 12th with net funds flow of $5 million, down over 85% from the September quarter."
Van Schaardenburg says 18 of the 37 managers in its survey suffered negative outflows in the quarter.
"The gross size of total net outflows increased by over 16 per cent in the quarter. The outflows of the lowest ranking five managers in the quarter ranged from between negative $9.62 million to negative $33.6 million."
The trends for where money went to and where it drained out of, remained the same as in previous quarters.
Diversified and international equity funds are in the ascendancy, while insurance bonds, group investment funds and cash and property super funds continued to experience investor outflows.
Recommended for you
Clime Investment Management has welcomed an independent director to its board, which follows a series of recent appointments at the company.
Ethical investment manager Australian Ethical has cited the ongoing challenging market environment for its modest decrease in assets over the latest quarter.
Commentators have said Australian fund managers are less knowledgeable compared with overseas peers when it comes to expanding their range with ETFs and underestimating the competition from passive strategies.
VanEck is to list two ETFs on the ASX next week, one investing in residential mortgage-backed securities and the other in Indian companies.
