NZ fund managers swap seats
There’s been a major shake-up of inflow rankings that’s seen fund managers in New Zealand getting all the money from investors and advisers, according to research house IPAC Securities.
Top of the pops in the December quarter, in terms of funds flow, was New Zealand Funds Management with $111 million, or more than a quarter of the overall net inflows.
WestpacTrust slipped to number two spot, and once again scored well with its relatively new Home Loan Trust.
IPAC Securities general manager David van Schaardenburg says there was "a lot more movement in the lower net funds flow ranks."
Armstrong Jones leaped from tenth position to sixth while the National Bank moved from ninth to seventh.
"The big movers were Tower Group and BT. Tower fell nine places from fourth spot with net funds flow of $52 million in the September quarter to 13th place with $5 million net funds flow this quarter.
"Similarly, BT slipped seven places to 12th with net funds flow of $5 million, down over 85% from the September quarter."
Van Schaardenburg says 18 of the 37 managers in its survey suffered negative outflows in the quarter.
"The gross size of total net outflows increased by over 16 per cent in the quarter. The outflows of the lowest ranking five managers in the quarter ranged from between negative $9.62 million to negative $33.6 million."
The trends for where money went to and where it drained out of, remained the same as in previous quarters.
Diversified and international equity funds are in the ascendancy, while insurance bonds, group investment funds and cash and property super funds continued to experience investor outflows.
Recommended for you
Women are expected to inherit US$124 trillion through the intergenerational wealth transfer, but Capital Group has found they are twice as likely to rely on social media for advice over a financial adviser.
Challenger Investment Management has raised $350 million during the offer period for its new ASX-listed investment structure.
A week after Lonsec downgraded multiple funds from Metrics Credit Partners, rival research house Zenith Investment Partners has opted to retain its ratings for the same funds.
Strong adviser engagement has helped Praemium reach $1 billion in inflows on its Spectrum offering, with a deal with Western Australian wealth firm Euroz Hartleys expected to add as much as $2 billion.
