Funds market shrinks in June quarter
The retail managed fund market shrunk by 1.8 per cent to $291.1 billion in the June quarter of this year, figures released today by research group Plan-For-Life show.
However the market actually grew by 5 per cent in the 12 months to June, despite what has been a tumultuous year on the world’s equity markets.
The biggest winners over the 12 months wereMacquarie,PerpetualandSt George, which grew their retail funds management businesses by 33.1, 22.8 and 12 per cent respectively.
At the other end of the scale,Westpac’sretail managed funds business fell by 6.3 per cent, although the group has since purchased theBT Financial Group.
Gross inflows for the June quarter were positive, up 10.2 per cent, taking inflows for the year to $163.2 billion, a 20. 3 per cent rise on the previous year.
According to the report, the combinedCommonwealth/Colonialgroup remains the largest manager of retail funds in the country, accounting for $45.6 billion of a sector worth a total of $291 billion.
TheNational Australia Bank/MLCgroup follows, with $37.7 billion, or12.9 per cent of the entire market.
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