Main platforms received net flows of $4.2 billion in the June quarter led by a major appointment to ING/ANZ Group’s Oasis, according to research house Morningstar.
Oasis gained $1 billion of net flows in the three months after dealer group Financial Services Partners appointed the platform to administer its funds.
Oasis replaced rival Colonial First State’s Avanteos platform in the appointment.
“FSP said benefits offered by Oasis included improved client reporting, better internet access for investors, more options in managing investments online and a wider range of margin lenders as well as ease of client portfolio management,” Morningstar business analyst Tito Machado said.
Westpac Banking Corporation-owned BT Financial Group’s (BTFG) SuperWrap platform saw a record $585.8 million of net flows in the June quarter.
However, the Advance platforms recently bought by BTFG dragged down the result of the overall group, according to Machado.
“Money has poured out of Advance’s platforms since the Westpac/St George Bank merger in December 2008, with negative quarterly flows every quarter,” he said.
“Advance platforms reported negative $15.5 million quarterly flow to June, an improvement on the quarterly flow of negative $87.5 million during the March quarter.”
IOOF Group jumped in the top 10 in terms of retail funds under administration (RFUA) rankings after adding Skandia and Australian Wealth Management’s platform businesses.
IOOF had $21 billion in RFUA at the end of the June 2009 quarter, up from $6.7 billion in the same time last year. IOOF sat at eighth place when ranked by RFUA, ahead of Aviva and Mercer Investment Nominees.
