FUM slides across retail financial services
All sectors of the retail financial services industry have had a tough September quarter, with overall funds under management (FUM) falling by $47 billion since June.
According to data released by Dexx&r, retirement incomes, retail investment, employer and personal superannuation markets all experienced a fall in FUM, with retirement investment taking the biggest plunge (4.4 per cent) over the quarter.
"All top 10 companies experienced falls in FUM in retirement incomes over the quarter except Macquarie, who experienced an increase of 3 per cent to $5.96 billion," Dexx&r stated.
Overall, AMP has the largest market share since its acquisition of AXA increased its FUM by 47 per cent to $110.2 billion.
Colonial First State and BT still lead the retirement income market and are the only two major institutions which achieved some growth over the year to September 2011.
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