Australia’s fund management industry continues to grow with the latest data released by actuarial firm Plan for Life revealing that retail managed funds grew by $19.5 billion during the March quarter.
The Plan for Life data revealed that overall managed funds at the end of March had increased by 17 per cent to $546.1 billion over the year, with March quarter funds growing by 3.7 per cent.
The data said that St George, Macquarie, Mercer Investment Nominees, Aviva and AMP had achieved the highest annual growth rates.
It said gross inflows had grown by 18.9 per cent to $70.9 billion during the March quarter, while over the past year inflows were up by 22.3 per cent.
The data revealed that high inflows growth over the year was achieved by St George (96.8 per cent), UBS Global Asset Management (92.5 per cent) and AMP (22.2 per cent).
