Lend Lease has snared top spot in the latest round of market share figures pub-lished by Assirt.
Lend Lease has snared top spot in the latest round of market share figures pub-lished by Assirt.
The group topped the retail fund manager listing with $593 million in inflows for the June quarter, up from $325 million in the first three months for the year.
Assirt market analysis manager Sara Jackman says Lend Lease’s success to product trade-ups from former Australian Eagle products. Lend Lease, however, says the high inflows were the result of Lend Lease attracting several new mandates.
Commonwealth Financial Services, number one on the list for the past year, just scraped in at number four with just $367 million in fund inflows, down almost $153 million from March, below AMP and Westpac in second and third position re-spectively.
Not surprisingly, BT Funds Management departed from the top 10 inflows table and in fact recorded net outflows for the three months to August. For most of those three months, a large chunk of the financial planning industry had placed a hold recommendation on funds managed by BT due to uncertainty about owners. As finan-cial planners make up 80 per cent of BT’s retail market, the sale of BT by Deut-sche proved very expensive to the group.
BT’s head of retail, Rob Coombe, says he does not expect a return to the upper echelons of the inflow tables this year, however he says levels of inflows should return to high levels by the start of the new year.
BT remains the biggest retail fund manager and the second largest overall fund manager with just under $38 billion under management.
Apart from BT, ANZ also dropped out of the top ten listing, making room for Mac-quarie Investment Management and Merrill Lynch Mercury Asset Management.
Total assets under management in the industry grew by just over 5 per cent to $495 billion.
Inflows into unit trusts fell away from the last quarter, down 37 per cent from $2.4 billion in March to $1.5 billion, however the superannuation market contin-ues to grow, with inflows up 11 per cent.
Top 10 Retail Fund Managers
Manager Net inflow quarter ($M) Net inflow year ($M)
1.Lend Lease 592.82 1203.68
2. AMP 568.57 1819.36
3. Westpac 481.67 2090.49
4. C’wealth 366.83 2425.67
5. Colonial 356.66 910.27
6. Macquarie 196.35 655.60
7. NAB 188.67 873.76
8. Perpetual 168.27 530.95
9. Merc Mut 133.28 1180.36
10. Merrill Lynch 122.54 340.73
*incl. Colonial First State
Source: Assirt
