Both retail and wholesale managed funds continued to take a hit in the June quarter, according to the latest data released by actuarial research house Plan for Life.
The Plan for Life data, released this week, revealed that retail managed funds fell by 2.2 per cent during the June quarter to $532.2 billion bringing the annual fall to 9.9 per cent, while the wholesale funds fell by 2.8 per cent for the quarter to $273.4 billion and by 13.9 per cent of the 12-month period.
According to Plan for Life, the largest falls for the 12-month period were reported by Australian Wealth Management (down 16.8 per cent), BT Financial Group (down 12.4 per cent), National Australia/MLC (down 11 per cent), Macquarie (down 10.9 per cent and Commonwealth/Colonial (down 10.6 per cent).
Looking at wholesale funds, the Plan for Life data revealed that Credit Suisse had taken the heaviest hit (down 31.4 per cent), with Platinum Asset Management down 26.1 per cent and Perpetual down 19.9 per cent while Commonwealth/Colonial was down 17.8 per cent).
Plan for Life said that two companies had managed to buck the trend with AMP up 2.5 per cent and National/MLC up 2 per cent.
