The New Zealand Government’s superannuation scheme KiwiSaver, which is run by external providers, saw funds under management rise by 38.3 per cent in 2011, according to Plan For Life data.
KiwiSaver FUM grew by 7.5 to $11.6 billion for the December quarter, despite "nervous underlying investment markets which were more often than not in negative rather than positive territory", according to Plan For Life.
Inflows into KiwiSaver for the December quarter fell by 47.7 per cent, but this was due to seasonal factors (September quarter inflows are boosted by Government co-contributions, according to Plan For Life).
The remainder of the New Zealand superannuation sector saw FUM fall by 1.2 per cent during the December quarter, and by 11.9 per cent for the entire 2011 calendar year. Mercer and AMP saw the smallest falls, with -0.8 per cent and -5.7 per cent drops respectively.
However, gross inflows into superannuation outside KiwiSaver climbed by 14.9 per cent in 2010, despite a 24.5 per cent decline in the December quarter.
New Zealand retail funds under management (FUM) grew by 3.4 per cent in the December 2011 quarter to $28.6 billion, replicating the growth in the same period in 2010.
Retail FUM rose by 6 per cent for the whole of 2011, and gross inflows in the sector were $7.6 billion for the year – up from $6.7 billion in 2010.
The biggest rise in retail FUM was experienced by Fisher Funds (up 40.8 per cent), Gareth Morgan (up 33.3 per cent), BT/Westpac (up 17.3 per cent) and ASB Group (up 17.2 per cent).
Unit trusts and managed fund FUM decreased by 6.7 per cent during 2010, and insurance and investment bonds were down 0.8 per cent.
