Retail market FUM continues to fall
Total funds under management/administration (FUM/A) in the retail market fell by 9 per cent during the March 2008 quarter, down from $595.2 billion as at December 2007, according to researcher Dexx&r.
Its ‘Leading Indicator Analysis Market Share Report’ also found that total FUM/A in the retail market decreased by 2 per cent to $544.1 billion over the year to March 2008.
The retirement incomes market fell by 6 per cent to $88.8 billion during the three months to March 2008, although this market segment was the only one to experience positive growth over the 12 months to March 2008.
It grew by a net 22 per cent in the year to March 2008, up from $72.7 billion as at March 2007.
With a decrease of $22 billion during the March 2008 quarter, the retail investment market segment (retail non-super) accounts for the largest fall in FUM/A in the retail market.
During the three months to March 2008, retail investment fell by 10 per cent to $199.6 billion from a total FUM of $221.6 billion in December 2007.
Over the year, retail investment FUM/A decreased by 5 per cent from $209.6 billion.
Total FUM/A in the personal superannuation market fell in the March 2008 quarter by $17 billion to $166.2 billion, a 9 per cent decrease from $183.3 billion in December 2007.
This segment declined by $9.1 billion (5 per cent) over the 12 months to March 2008.
Recommended for you
A quarter of advisers who commenced on the FAR within the last two years have already switched licensees or practices, adding validity to practice owners’ professional year (PY) concerns.
Integrated wealth and financial services group Rethink has launched a financial planning arm called Rethink Wealth to expand beyond property investing and into holistic wealth management.
While adviser numbers continue to slowly creep back up, the latest Wealth Data analysis reveals they would actually be in the green for the calendar year if it weren’t for so many losses in the limited advice space.
Iress has appointed a chief AI officer to spearhead the fintech’s strategic focus on AI, with chief executive Marcus Price describing how the technology opens the doors to a “new frontier for wealth advice”.
