Colonial and St George preferred as fund inflows weaken
Net inflows into retail managed funds declined to their lowest level in 12 months in the March 2005 quarter. Data compiled by researchers Plan for Life shows that retail funds under management, excluding cash trusts, increased by one per cent in the March 2005 quarter to $352 billion. This level was an increase of 16 per cent on the level a year ago. Plan for Life attributed the slower rate of growth in managed funds to seasonal factors and lower investment returns. Commonwealth Bank's Colonial arm recorded growth in net inflows of 12 per cent during the quarter. St George Bank recorded the second highest rate of growth, and Macquarie Bank ranked third.