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Unitised wholesale funds grow by $26.3bn in September quarter
Plan for Life research revealed unitised wholesale funds grew by $26.3 billion in the September 2009 quarter.
Overall wholesale funds were at $251.4 billion in the September quarter, up 11.7 per cent, only 3.9 per cent lower than September 2008, when the global financial crisis kicked off.
Vanguard Investments, Platinum Asset Management, National Australia Bank/MLC and Commonwealth/Colonial reported positive wholesale funds under management growth over the past 12 months.
Gross inflows grew by 7.5 per cent to $21.6 billion during the September quarter, although the year on year figures showed they were still down by 28.4 per cent.
Schroders Australia saw the highest gross inflows growth over the year of 177.9 per cent, followed by Vanguard (95.0 per cent) and Platinum (11.5 per cent). The report stated that these were the exceptions to the rule as most other companies reported significantly lower inflows year on year. State Street Global Advisors saw the largest fall of 52.4 per cent, followed by AMP (-47.4 per cent), AXA Australia (-46.5 per cent), BT Investment Management (-43.4 per cent) and Macquarie (-23.2 per cent)
AUTHOR
By Munro
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