AMP the biggest retailer
AMP remains Australia’s biggest retail fund manager while the BT Group is clawing back market share, according to the latest figures from Plan for Life.
AMP remains Australia’s biggest retail fund manager while the BT Group is clawing back market share, according to the latest figures from Plan for Life.
With more than $20.4 billion under management, the AMP Group held 9.3 per cent of retail market share for the December quarter, up from 9 per cent in September.
MLC, with $19.8 under management, came in at number two on the list.
The BT Group, meanwhile, has increased its share of the retail market from 7.5 per cent in the September quarter to 7.8 per cent in December. It held about $17.3 bil-lion in funds under management.
The Commonwealth Bank, with $19.3 billion under management, was the biggest of the banks measured by funds under management. Five other banks were among the top twelve managers.
The retail managed fund market as a whole grew 16.9 per cent in the year to De-cember to be worth $220.1 billion. Retail unit trusts accounted for $83.3 billion or 38 per cent of the retail market, up 20.8 per cent from the year before.
Retail superannuation investments (super bonds and master fund company and per-sonal superannuation) were the second largest form of retail investment, account-ing for $80.2 billion or 36 per cent of the retail market. This figure was a 24 per cent rise from the previous year.
Investment bonds continued to decline, falling by 1.7 per cent in the last quarter and 6.1 per cent for the year to December. Friendly societies bore the brunt of the slowdown, with funds under administration falling 8.3 per cent for the year.
Recommended for you
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 wealth management M&A appetite only growing stronger, Business Health has outlined the major considerations for buyers and sellers to prevent unintended misalignment between the parties.
Industry body SIAA has said the falling number of financial advisers in Australia is a key issue impacting the attractiveness and investor participation of both public and private markets.
