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Wholesale funds' FUM falls by $109 billion in 2008
Total funds under management (FUM) in the wholesale funds sector fell by $109 billion to $234.5 billion (31.8 per cent) in the 12 months to December 31 last year, according to researcher DEXX&R.
The Pooled Super and Wholesale Trusts League Table, covering more than 100 funds, also revealed a fall in FUM of 2.1 per cent during December last year, from $237 million in November.
Hardest hit sub-sectors over 2008 were property and Australian shares, with respective falls in FUM of $11.2 billion (52.4 per cent) and $37.3 billion (41.7 per cent).
By contrast, FUM in cash funds during the year grew by 17 per cent from $18 billion to $21 billion — reflecting investor “preference for low risk funds”.
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