The Australian master fund market finished the financial year in good shape – despite a poor last quarter, according to the latest Plan for Life data released this week.
The data covering the year to the end of June, revealed a $26.7 billion increase (6.6 per cent) in funds under management to lift the total value of FUM to $428.4 billion.
Plan for Life noted this increase had occurred despite funds actually falling by $5.5 billion during June.
It said inflows of $106.9 billion were significantly up on the previous year’s result of $99.3 billion, but outflows had also risen by 18.6 per cent to $95.1 billion.
The analysis said all major companies apart from Suncorp and Perpetual reported some growth over the year.
Looking at wraps, the Plan for Life data said FUM stood at $148.5 billion, representing 34.7 per cent of the total market – with BT Financial, National Australia Bank/MLC and Macquarie being the leading players, and BT in particular holding 21 per cent of FUM.
It said platforms comprised 50.2 per cent of the total market with $215.2 billion in FUM with four groups holding over $200 billion in FUM led by NAB/MLC ($49.3 billion) and Commonwealth/Colonial ($49.1 billion).
The Plan for Life data revealed master trusts accounted for 15.1 per cent of the market this quarter, with $64.7 billion in Funds Under Management – attracting only 11.7 per cent of total inflows with $12.5 billion over the year.
