Lacklustre market performance resulted in the retail managed funds sector growing only 2 per cent in the June quarter, according to Strategic Insight Actuaries and Researchers.
“Most companies reported relatively little change in their retail funds under management,” the company said, noting that Commonwealth Bank/Colonial First State reported a quarterly growth rate of only 2.3 per cent, and Perpetual only 0.9 per cent.
Macquarie saw the biggest growth, reporting a quarterly rate of 3.3 per cent, bringing its annual growth rate to 27.7 per cent, Strategic Insight’s data showed.
“Market leader AMP recorded an almost flat [annual] result while only Macquarie reported any significant growth in its retail business,” the researcher added.
Retirement income saw the most growth by market for the June quarter, up 2.3 per cent, marginally ahead of unit trusts and investment funds at 2.2 per cent, Strategic Insight’s data demonstrated.
Cash trusts, conversely, saw -4.5 per cent growth in the quarter, with an annual rate of -12.3 per cent.
For the year to June 2016, gross inflows were $159.2 billion, which Strategic Insight commented was down 8.6 per cent on the previous twelve months’ total.
Read more:
Default super funds 'no longer relevant'
Dovish US Fed will calm bond markets: XTB
Investment banker charged with insider trading
Banks tighten up adviser hiring practices
ASX investigating cause of service outage
New research has shown that uncertainty about the future is leading older Australians to cut back on everyday necessities and travel, with 6...
While protests continue across America and the world, the finance sector is failing to combat racism and inequality. ...
Australia’s largest financial institutions have joined forces to develop key climate risk modelling standards. ...
Subscribe to our newsletter
Get notifications in real-time for staying up to date with content that matters to you.
