Flat result for managed funds
Investment markets have fluctuated in sync with media headlines over the past year, resulting in a flat performance for the retail managed fund sector, according to the latest data from Plan for Life.
Total managed funds assets totalled $503.9 billion as at 30 September — similar levels to September 2009.
Gross inflows dropped by almost 30 per cent in the September quarter, but that was largely attributed to the transfer of Macquarie’s Cash Management Trust into the banking system, the research group said.
General movement of cash type business out of managed funds and into the banking system was reflected in a 54 per cent fall of cash trust inflows in the September quarter.
“In particular, Macquarie’s transfer of its Cash Trust in this past quarter was responsible for circa 60 per cent of this fall,” Plan for Life stated.
Excluding cash trusts, managed funds assets increased slightly by 2.7 per cent over the year — a figure the researchers said better reflected the state of the retail managed funds market.
Commonwealth/Colonial, BT, Mercer, and AMP all reported some increase in their business over the past year. NAB recorded growth of almost 40 per cent growth, reflecting its takeover of Aviva.
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