Retail managed funds feel the pinch of stagnant markets
The retail managed funds sector posted an $11.5 billion fall in funds under management (FUM) for the year ending June 2012, according to the latest research from Plan For Life.
In what the research house described as "generally directionless investment markets", the sector finished the 2011/12 financial year at $499 billion, down from $512 in the corresponding 12 months.
Despite this, gross inflows for retail managed funds were at $165.1 billion, up 5.6 per cent.
Only BT Financial managed a 2 per cent growth in FUM to $55.7 billion, although this was down slightly from March results.
Mercer remained steady, with its FUM declining only slightly (-0.2 per cent) while Commonwealth Bank/Colonial First State fell 2.1 per cent and AMP fell 2.5 per cent.
The most significant decreases were felt by Perpetual (-7.8 per cent), National Australia Bank/MLC (-5.5 per cent), OnePath Australia (-5.4 per cent) and Macquarie Bank (-4.4 per cent).
Superannuation and rollovers were down slightly on last year's results, shedding 0.3 per cent in FUM, while retirement income posted a 3.9 per cent increase to $121.6 billion.
It was unit trusts and investment funds however that reported the largest declines, falling 12.1 per cent to $111 billion.
Recommended for you
Perpetual has made a major announcement about its deal with KKR after an independent expert ruled it would not be in the best interest of shareholders.
According to Magellan, departing head of investment, Gerald Stack, has enacted a “textbook succession plan” which has helped reduce forecasted outflows from his infrastructure division.
Payton Capital has appointed a head of credit to its ranks, representing a key step in its growth strategy as it builds out its private credit platform under HMC Capital.
Nikko Asset Management has formed a joint venture with an Asian private asset manager, the latest in a series of alternatives deals by fund managers.
