Retail FUM growth tapers off
The Australian retail managed funds industry has recovered solidly since the depths of the global financial crisis (GFC), but there are signs that the recovery has lost some of its momentum, according to new data released by Plan for Life.
The Plan for Life data revealed that overall retail managed funds recovered 18.5 per cent from the depths of the GFC to total $517.9 billion at the end of March, but that a levelling off had occurred during the March quarter with overall funds under management up by just 0.7 per cent over the three-month period.
It said that National Australia/MLC, AXA Australia, Mercer, BT, Commonwealth/Colonial and AMP had all achieved above-average annual growth rates.
Plan for Life said gross inflows had fallen by 22.7 per cent to $40.2 billion during the March quarter, while year-on-year they were also down significantly by 15.6 per cent.
It said the largest annual inflow falls (by percentage) had been reported by National Australia/MLC (-56.6 per cent), Goldman Sachs JBWere (-27.5 per cent), UBS Global Asset Management (-21.1 per cent) and Macquarie (-15.1 per cent).
It said that BT had gained 81.1 per cent due to its takeover of St George.
AUTHOR
Mike Taylor
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