Equity returns boost managed fund market
The retail managed fund market has been given a significant boost by increased net inflows as well as strong equity returns during the September 2003 quarter, according toAssirt’s latest Market Share Report.
Overall the managed fund market increased by 4.5 per cent of the quarter from $245.1 billion to $256.2 billion, contributing to growth of 11 per cent over the last year.
Net quarterly inflows ($2.7 billion) were up considerably on the $1.9 billion of the previous quarter - the highest level since the March 2002 quarter of $3.1 billion.
However on an annual basis net inflows were down 44 per cent to $7.2 billion, compared with the September 2002 flows.
Equity funds were the biggest winners in terms of net inflows - jumping from $321 million in the June 2003 quarter to $1.3 billion, representing the largest inflows into the sector since the June 2002 quarter, when equity net inflows were $2.6 billion.
As confidence returns on equities, inflows into the more defensive sectors of fixed interest and listed property are tending to decrease, although still positive.
Multi-sector funds also experienced healthy inflows ($752 million), with the majority of funds flowing into superannuation and offered via the major platforms.
UBS Global Asset Managementtopped the list of managers in terms of quarterly net inflows with $703 million, followed byPlatinum Asset Managementwith $444.1 million andAXA Asia Pacificwith $374.4.
New entrants to the list of top 10 managers by quarterly net inflows werePM Capital,Sandhurst Trustees,AMPandABN Amro, while there was no change to the relative ranking of fund managers by size.
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