Retail and wholesale market contracts by $67 billion in 2011
Funds under management/advice (FUM/A) for the combined retail and wholesale market dropped by 8 per cent in the 12 months to 31 December 2011, according to DEXX&R.
The combined market fell by $67 billion last year, dropping from $833 billion on 31 December 2010 to $766 billion by the end of 2011.
However, the drop in the last three months of 2011 was minor in comparison, with the combined retail and wholesale market falling by 0.19 per cent or $1.5 billion.
Taking the retail market alone, the annual fall was 6 per cent (from $510 billion to $480 billion) and in the December 2011 quarter the retail market was down by 0.5 per cent.
Looking at each market segment over the December 2011 quarter, retirement incomes grew by 1.43 per cent; employer superannuation FUM/A was up 2.56 per cent; personal superannuation grew by 0.86 per cent; retail investment fell by 1.85 per cent; and the wholesale market fell by 1.32 per cent.
From 31 December 2010 to 31 December 2011, the retirement incomes market fell by 1.3 per cent; employer super was up 1.7 per cent; personal super fell by 6.6 per cent; retail investment was down 13 per cent; and the total wholesale market fell by 11.5 per cent.
Following the completion of the AXA acquisition, AMP is now the biggest player in the market with $111 billion in FUM/A. This is up from the number four ranking as at 31 December 2010, when AMP's FUM/A was $76 billion.
National Australia Bank, BT/Westpac, Commonwealth Bank and Macquarie Bank round out the top five.
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