IOOF has reported positive net flows, in the main, across its flagship platforms and advice segments for the March 2012 quarter.
The listed financial services firm informed the Australian Securities Exchange yesterday of its increase in funds under management, administration, advice and supervision (FUMAS) to $110.2 billion as at 31 March 2012.
The figure compares to the company’s FUMAS as at 31 December last year of $106.6 billion.
“All flagship platforms again posted positive net flows, ensuring that they maintained market share during that period,” the statement said.
“The overall flow position into the platform segment has been assisted by materially lower net outflows in the Global One and stable flows performance in transition platforms – largely closed to new investors.”
While IOOF also experienced positive fund flows into its advice segment, these were partly offset by outflows from stockbroking cash management trusts as retail investors reallocated money to recent bond and hybrid note issues.
Despite the positive fund flows, IOOF experienced mandate losses from the investment management segment.
“The flows were predominantly related to the Perennial Real Estate business and reflected the investment cycle, with clients either reducing or removing their asset allocation to the sector in favour of more favourable risk/return opportunities in other asset classes,” the company said.
“Internal transfers have been excluded from these flows which is consistent with prior disclosures.”
