$13.7 billion wiped off managed fund market in June quarter
The managed funds market in Australia declined by $13.7 billion between the March and June quarters at the end of the 2002 financial year, according to a report by the Australian Bureau of Statistics (ABS).
At the end of March, total managed funds stood at $658.7 billion in Australia, but the figure had dropped to $645 by the end of June.
According to the ABS report, released late last week, it was the superannuation and life insurance sector of the managed fund market which suffered the largest declines in fund sizes.
Superannuation funds dropped from $307.8 billion to $297 billion whereas life funds dropped from $176.7 billion to $173.5 billion.
The rest of the managed funds industry increased assets under management, albeit marginally, from $174.2 billion to $174.6 billion.
Further broken down into public unit trusts and friendly societies, common funds and cash management trusts, public unit trusts had a small $0.9 billion increase to $154.1 billion, while friendlies increased by 1 per cent to $6 billion. Common funds, however, experienced a small loss of $0.2 billion in this time, while cash management trusts were virtually unchanged.
Recommended for you
The month of April enjoyed four back-to-back weeks of growth in financial adviser numbers, with this past week seeing a net rise of five.
ASIC has permanently banned a former Perth adviser after he made “materially misleading” statements to induce investors.
The Financial Services and Credit Panel has made a written order to a relevant provider after it gave advice regarding non-concessional contributions.
With the election taking place on Saturday (3 May), Adviser Ratings examines how the two major parties could shape the advice industry in the future.
