Funds hit by declining inflows
The retail funds management industry suffered a halving of inflows during the September quarter. Survey results showed a 3 per cent contraction in total funds under management to $229 billion. Net inflows declined by 57 per cent to less than $2 billion, compared with the June quarter.
Australian share funds averaged a 7.8 per cent decrease during the quarter, and international share funds fell 14 per cent. National/MLC topped the funds with $538 million net flows and AMP had $455 million. UBS Global Asset Management generated a flow of $468 billion, while Platinum Asset Management had a net flow of $467 million.
Royal & Sun Alliance moved from fifth to ninth place in the rankings with $170 million of inflows, but Commonwealth-Colonial suffered net outflows and did not make the top 10. Westpac saw $930 million in outflows from its newly acquired BT business. ANZ was also absent from the top 10. Tower moved from 17th place to tenth, with net inflows of $72 million.