Total funds under management (FUM) for masterfunds sat at $668.7 billion at the end of the March 2016 quarter, having slipped by 0.4 per cent in the past 12 months, according to new data from Plan For Life.
Platform FUM fell by $2.7 billion, or 0.4 per cent, over the 12 months to 31 March 2016, according to actuarial and research firm Plan For Life.
During the March 2016 quarter, platform FUM fell by $12 billion, or 1.8 per cent, in part due to "generally lacklustre performances on Australian and overseas stock markets that have not improved very much subsequently", said Plan For Life.
Annual platform inflows were $130.7 billion (down 12.5 per cent on the previous year), and offsetting outflows also decreased by 9.2 per cent to $110.9 billion.
As a result, there was a 27.2 per cent drop in net fund flows from $27.1 billion to $19.7 billion, said Plan For Life.
"Most of the leading companies reported either small or relatively modest reductions in their masterfund business. An exception, however, was Macquarie, due to an internal transfer it made last quarter of $10.4 billion of previously unreported assets into masterfunds," said the researcher.
BT Financial Group remains the largest player in the market, with $128.8 billion (19.3 per cent) of platform FUM.
AMP Group is second, with $120.4 billion in FUM, followed by NAB/MLC with $103.2 billion.
Moody’s Investors Service has downgraded its ratings for AMP Group and its banking arm, citing dampened operating results, reputational da...
The cuts to dividends in the reporting season as 70 per cent of ASX-listed companies shrunk or axed their payouts have shown that generating...
Westpac’s settlement with AUSTRAC and its $1.3 billion penalty will play into the process for a shareholder class action against the bank,...