NAB/MLC platforms on top despite outflows
THE National/MLCgroup has maintained its number one place in market share for a second successive quarter in the competitive master trust/wrap account market, despite being the only group in the top 10 list to report negative inflows.
Research houseAssirthas released its market share report for the March quarter of 2003, which shows the National/MLC group experienced outflows of $148.8 million, but maintained poll position with $35 billion worth of the master funds and wraps market.
The closest competitor was the second largest market shareholder,AMPFinancial Services, with around $19 billion of the $155 billion market.
At the end of March, the top 10 groups were in control of $148 billion of the industry total in master funds and wraps.
TheING/ANZ group made a significant move up the ranks of the top 10, moving from number seven last quarter, to three this quarter, which Assirt says is largely due to the incorporation of the ING One Answer suite of products.
TheBTwrap only recorded flows of $489 million this quarter compared with $613 million last quarter, but remains the largest wrap in the market by size with $8 billion at the end of March.
TheMacquariewrap was close on its tail with $6.3 billion in funds under administration at the end of March, while remaining at number nine on the market share leaders list.
Net inflows for the 12 months to the end of March were $15.4 billion, with the total platform market increasing to its current size from $149 billion last quarter.
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