Macquarie on track to top Commonwealth
A repeat of the changes in funds under management seen during the March quarter will elevate Macquarie Bank to Australia’s largest asset manager, knocking Commonwealth Bank off its pedestal for the first time since it bought Colonial First State.
According to the final Assirt Market Share Report for the three months to March 31, Macquarie gained $6.6 billion in Australian-sourced assets to hit $77.5 billion overall, while Commonwealth/Colonial could only manage a $2 billion gain to reach $81.1 billion.
Macquarie is now within $3.6 billion of its older rival, and a repeat of the dollar changes experienced by the pair last quarter would see Macquarie take the mantle of Australia’s largest funds manager after June 30.
AMP had the second fastest growth over the quarter, gaining $2.8 billion but still seeing daylight between itself and the top two, with total assets of $58.9 billion.
AUTHOR
Michael Bailey
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