BT continues to rake in the dough
BT Funds Management may have fallen by the wayside in the Australia equity stakes last year, but the group has continued to bring in large chunks of retail funds.
BT has kept its second place in the latest Assirt market share figures for the December 2000 quarter when it brought in more than $550 million. BT's head of retail, Rob Coombe, says the group doubled its previous best effort ever for retail sales last year. The group recovered strongly from the previous year's ownership concerns by recording more than $2 billion inflows for the year.
However the stand out fund manager in the last few months of last year was the Commonwealth Bank. Commonwealth jumped from third place last year to first with net quarterly inflows of $635 million.
According to Assirt, almost 60 per cent of Commonwealth's money can be attributed to the Commonwealth Cash Management Fund.
Also taking advantage of the popularity of cash was UBS Asset Management Australia. UBS Asset Management Australia entered the top 10 on the back of strong inflows into cash based products.
National /MLC spiralled from being top of the table last quarter to being placed fourth.
The merged group's inflows fell substantially from 821 million as recorded in the September quarter, to $542 million in the last three months. Perpetual and AXA dropped out of the top 10 this quarter.
Total assets under management in the retail side of the industry increased to $205 billion, up 1.5 per cent from $202 billion in September.
Recommended for you
Unregistered managed investment scheme operator Chris Marco has been sentenced after being found guilty of 43 fraud charges, receiving the highest sentence imposed by an Australian court regarding an ASIC criminal investigation.
ASIC has cancelled the AFSL of Sydney-based Arrumar Private after it failed to comply with the conditions of its licence.
Two investment advisory research houses have announced a merger to form a combined entity under the name Delta Portfolios.
The top five licensees are demonstrating a “strong recovery” from losses in the first half of the year, and the gap is narrowing between their respective adviser numbers.
