Australia’s four biggest banks have stamped their dominance on the funds management industry, taking four spots in the top ten inflows for the three months to the end of September.
The four banks also now make up four of the ten biggest retail funds managers, according to the latest Assirt market share report. Their success in channeling customer’s funds into managed funds has helped push total retail funds under management over the $200 billion mark for the first time, up $8 billion in the last quarter.
The National won the top spot for the second quarter in succession, bringing in more than $800 million for the quarter, edging out the Commonwealth who doubled inflows in the quarter to $752 million. AMP continued its strong showings over the past year to come in at number three with inflows of $648 million.
The three top managers in terms of inflows for the quarter are also three of the five biggest owners of financial planning businesses in Australia. According to the latest Money Management Top 100 dealer groups, AMP is the biggest with 1840 advisers, the combined National/ MLC group is second biggest with 1360 advisers while Commonwealth (without Colonial) has 850 advisers.
The ten top fund managers also made up more than three quarters of the total funds inflows for the quarter up 4 per cent on three months ago to $201 billion. Total fund under management was up 2 per cent in the quarter to $613 billion.
AMP has retained its crown as the biggest fund manager in the country with $72 billion under management but will be taken over by the combined Colonial/ Commonwealth Group which will have about $88 billion.
