Retail FUM fall 10 per cent
Retail managed funds have suffered significant losses over the past year as they fell by a total of 9.9 per cent for the year to June, 2008, and $11.9 billion during the June quarter.
In a report by actuarial and research firm, Plan For Life, Australian Wealth Management reported the heaviest decreases in its funds under management (FUM), falling by 16.8 per cent, over the past 12 months.
None of the major companies were immune: BT Financial Group fell 12.4 per cent; National Australia/MLC, 11 per cent; Macquarie, 10.9 per cent; and Commonwealth/Colonial, 10.6 per cent.
According to Plan For Life, while there was growth of 18.1 per cent in inflows for the quarter, outflows were also significantly up, indicating “some ‘churning’ of business”.
Gross inflows for the year to June were $299.2 billion, up marginally by 2.3 per cent over the previous 12 months.
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