Data reveal significant outflows
Australia’s major fund managers experienced significant outflows of funds last year, according to the latest analysis from specialist research house, Dexx&r.
The Dexx&r analysis covering the 12 months to December, last year, revealed that funds under management and advice (FUM/A) held in retail and wholesale managed funds decreased by 4.4 per cent to $1.21 trillion over the period, representing a decrease of $56.1 billion on the December 2017 figure of $1.26 trillion.
The data revealed the Retirement Incomes Segment experienced the largest decrease in FUM with a 7.6 per cent decrease of $13.1 billion over the 12 months to December 2018, while Employer Super recorded the second highest decrease, a 7.3 per cent decrease, $11.5 billion over the same period.
It showed that Retail Investment (non-super) recorded a 4.6 percent decrease, $10.1 billion, and Personal Super a decrease of 4.1 per cent, $9.3 billion, over the 12 months to December 2018.
According to Dexx&r amongst the five largest retail and wholesale managers the Commonwealth Bank recorded a 7.7 per cent decrease to $141.6 billion, Macquarie a 5.8 per cent decrease to $101.8 billion, Westpac a 5.3 per cent decrease to $141.6 billion, NAB a 5.0 per cent decrease to $167.8 billion and AMP an 0.4 per cent decrease to $157.7 billion.
It found that in the December 2018 quarter, total Retail and Wholesale FUM/A decreased by 6.6 per cent, ($85.0 billion), down from $1,293 billion at September 2018 to $1,208 billion at December 2018.
Recommended for you
Having seen inflows of US$5.6 billion to its fixed income funds in the last quarter, Janus Henderson has closed on a deal with life insurer Guardian to secure funds to boost its product development.
One of Metrics’ four managing partners is to step back from the business next year, having worked at the firm since its inception in 2011.
VanEck’s Bitcoin ETF has amassed $290 million in assets in its first year, but the ETF provider has said financial advisers remain skeptical of the asset.
State Street has rebranded its State Street Global Advisors arm, which has US$4.6 trillion in assets under management, following a series of deals with financial services firms in recent months.
