Retail funds in the negative for June quarter
Retail managed funds dropped $11 billion (1.5 per cent) for the June quarter, but managed to finish the 2014/15 financial year strongly recording growth of 10.1 per cent to $730.3 billion, according to Plan For Life.
Plan For Life's retail managed funds administrator view report found good performances on investment markets over the past 12 months were responsible for two-thirds of the increase.
However, all funds recorded a negative June quarter growth rate.
Macquarie topped the funds in terms of its annual growth rate at 14.2 per cent, followed by BT Financial at 11.9 per cent, and AMP at 10 per cent.
BT Financial took the top spot for funds under management (FUM) at $137 billion.
In terms of markets, cash trusts stood strong for its annual growth rate at 17.4 per cent, followed by retirement income (14.3 per cent), and unit trusts and investment funds (12.9 per cent).
Cash trusts was the only market to record a positive quarterly growth rate of 4.1 per cent.
Recommended for you
Perpetual has seen AUM rise 6 per cent in the last quarter but the departure of a longstanding JOHCM fund manager led to outflows of $2.2 billion from his strategy.
In the latest Meet the Manager profile, Money Management speaks with Michael Skinner, founder and managing director at Blackwattle Investment Partners.
Global fixed income fund Bentham Global Opportunities has been added to several major platforms, enabling it to be accessed more easily by financial advisers.
Following yesterday’s news about First Sentier Investors closing four investment teams, a second global asset manager has announced it is closing its only dedicated Australian fund.