AMP secures top billing
AMP has topped inflow figures for the second quarter in a row, according to Assirt market share figures.
AMP has topped inflow figures for the second quarter in a row, according to Assirt market share figures.
AMP reported more than a $1 billion of net inflows in the three months to December 31, nearly doubling its nearest rival Commonwealth Financial Services. This was more than 30 per cent higher than their net inflows in the September quarter which stood at $737 million
The figures cap a strong year for the funds management arm of the financial services giant which has lagged behind some of its smaller, more nimble competitors in previous years. Its Australian equities team has driven the group to the top of the performance tables which has helped drive money into its three flagship products in personal super, corporate super and annuities.
Commonwealth leads the banks in this quarter’s survey with just over $500 million in net in-flows for the quarter, almost double National Australia Bank who were in third spot in the in-flows league table. ANZ came in at number ten with just over $100 million while Westpac was conspicuously absent from the top ten performers, after recording $363 million in the previous quarter.
BT Funds Management grabbed the number one spot back from Lend Lease in total retail funds under management. The result was a relief for the group which took a battering throughout 1999 as investors and advisers stayed away from the manager in droves due to the uncertainty created by its sale to Principal.
Lend Lease slipped back to number three in this quarter’s survey, trailing BT by more than $400 million, while AMP gained almost $1.7 billion to become Australia’s second biggest retail man-ager and boost its top dog position in overall funds under management.
Two newcomers to this quarter’s top ten were Barclays Global Investors (BGI) and JB Were. BGI’s superannuation products drove the sales increase while stock broker Were Securities was primarily responsible for the spike in JB Were’s numbers, according to Assirt.
Retail funds under management
$Bil
1. BT Funds Management $17.91
2. AMP $17.58
3. Lend Lease $17.52
4. Commonwealth $16.73
5. Colonial $13.01
6. Westpac $11.94
7. ANZ $9.53
8. Mercantile Mutual $9.52
9. Macquarie $9.17
10. National Australia $8.33
Net retail inflows (December quarter)
$mil
1. AMP $1037
2. Commonwealth $545
3. National Australia $298
4. Colonial $297
5. Mercantile Mutual $231
6. Lend Lease $230
7. Perpetual $206
8. Barclays $137
9. JB Were $135
10. ANZ $128
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