National emerges as distribution leader
The National Australia Bank has regained the mantle as the top managed fund distributor in the retail market, dominating inflows into managed funds in the last three months of the financial year.
The combined National/ MLC was by far and away the leader in managed funds inflows, bringing in $1.18 billion for the three months, compared to its nearest rival, the Commonwealth, which recorded inflows of $726 million.
However, the inflow figures from Assirt distort the fact that the Commonwealth in second place and Colonial First State in fourth place are both owned by the Commonwealth Bank. If combined, the two entities are clearly ahead of the National/ MLC combination with about $1.32 billion flowing through funds owned by the Commonwealth in the June quarter.
The top four managers in the June quarter all benefited from massive distribution networks. AMP, the Commonwealth and the National all have more than 1400 advisers working under their banners.
Two new entrants to the top 10 inflows chart benefited from the flight to cash management trusts at the end of the financial year, according to Assirt. Both Macquarie and JB Were jumped about 10 spots to join the top distributors, recording inflows of $516 million and $191 million respectively.
International equities specialist Platinum also continues to climb the distribution tree, making its debut in the top 10 for the June quarter. Platinum has consistently been one of the top performers in international equities which earned it the Money Management Fund Manager of the Year award for the past two years running.
AMP’s master trust continues to pull away from its rivals with about double the funds under administration of second placed Asgard. AMP now has $18.6 billion under administration, towering over Asgard with $9.3 billion and Navigator with $7.3 billion.
AUTHOR
Stuart Engel
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