Fund flows back in positive territory: S&P
Australia’s top 10 fund managers found themselves back in positive territory in the three months to the end of September with BT/Westpac leading the way with an increase in funds under investment of 19.2 per cent, according to the latest data released by Standard and Poor’s (S&P).
The Standard and Poor’s data revealed that Australia’s top 10 fund managers had achieved an increase in funds under investment management of 2.5 per cent or $12.7 billion in the three-month period, contrasting with the overall decline recorded in the previous quarter.
Looking at the performance of the BT/Westpac group, the S&P data said the increase had included Westpac’s acquisition of the remaining 49 per cent in Hastings Funds Management.
S&P’s head of fund data, Julie Orr said that Vanguard had achieved an impressive increase of 9.9 per cent ($2.9 billion) in funds under investment management during the quarter — the second largest percentage increase in total investment management of the top 10 managers, and attributable to a $2 billion increase in money invested in international equities.
The data suggested that flows into superannuation master funds had dropped off markedly in the September quarter.
“Superannuation master funds received a massive $7.3 billion in new funds under administration flows for the June quarter compared to only $3.7 billion for the September quarter.
AUTHOR
Mike Taylor
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