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NAB's funds under management share grows
The National Australia Bank (NAB) acquisition of Aviva Group succeeded in giving it the largest market share of total retail and wholesale funds under management in Australia last year, according to the latest data released by researcher, Dexx&r.
The Dexx&r data, released this week, revealed that total retail and wholesale funds under management or administration actually decreased by 1.3 per cent last calendar year from $811 billion in December, 2009, to $800 billion in December, last year.
However it said NAB had the largest market share with the Aviva acquisition having helped them to a 5.9 per cent increase in FUM over the period.
Looking at individual market segments, the Dexx&r data revealed Colonial First State (CFS) had led the way in the retirement incomes sector where virtually all companies had experienced positive growth. It said CFS had posted a 12.3 per cent increase in FUM over the period.
However in the personal superannuation segment, the Dexx&r data revealed that while the top 10 companies had grown by market size, the Commonwealth Bank, Aviva and Australian Wealth Management had all seen declines in funds under management or administration 0f 10.5 per cent, 2.4 per cent and 1.4 per cent respectively.
AUTHOR
Mike Taylor
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