Super drives AXA inflows to record levels
AXA Asia Pacific has broken significant new ground reporting total inflows across Australia and New Zealand of more than $10 billion for the first time, with net retail inflows up 53 per cent to $2.23 billion.
Announcing AXA Asia Pacific’s new business and fund flows for the six months ended June 30, group chief executive Andrew Penn attributed the strong inflows to the impact of the superannuation changes announced in the 2006 Federal Budget.
He said AXA’s joint venture with AllianceBernstein had also paid dividends, recording a 47 per cent growth in net inflows to $1.51 billion.
Penn said it was clear that superannuation had become the preferred long-term savings vehicle for Australians and while the industry had enjoyed strong inflows prior to June 30, the changes made to superannuation would continue to drive further growth.
Drilling down to the key areas of AXA Asia Pacific’s performance, data released to the Australian Stock Exchange today revealed that gross superannuation inflows had risen by 35 per cent to 2.5 billion with net inflows up 70 per cent to $1.39 billion.
It said that where advice was concerned, gross inflows were actually down 6 per cent to $796.5 million, with net inflows down 19 per cent to $342.4 million, reflecting the inclusion of an Ipac equity partner transfer of $220 million in 2006.
It said that when this equity partner transfer was removed from the equation, advice gross inflows were up 27 per cent and net inflows were up 70 per cent.
AUTHOR
Mike Taylor
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