The $86.8 billion, 20.5 per cent jump pushed the market out to $510 billion, up from $423 billion at June 2012.
A majority of growth was driven by underlying investment market performance, which accounted for around 60 per cent, while net inflows accounted for $25.6 billion worth of growth.
Total inflows were $135.2 billion for the year, up 20.6 per cent on the prior year, ahead of outflows of $109.6 billion – just 6 per cent greater than the previous year.
All major providers saw significant growth, but among the top five, AMP saw the largest jump, surging 30.2 per cent to move past NAB/MLC into second place, with $91.7 billion, and narrowing the gap on market leader BT, which grew 14.1 per cent to $99.5 billion.
NAB’s 17.3 per cent growth moved it to$87.2 billion while CBA held onto fourth spot, growing 23.1 per cent to$75.5 billion.
OnePath just managed to hold onto fifth, with 10.2 per cent growth to $37.1 billion, ahead of Macquarie which surged 47.7 per cent to $36.7* billion on the inclusion of the $7.6 billion Perpetual Private Wealth Platform into its wrap business.
Wraps were the fastest growing component of the industry, up 32.2 per cent to $188.6 billion. Wraps inflows totalled $72.4 billion with outflows of $49.8 billion, resulting in overall net fund flows of $22.6 billion.
Platforms grew 16.3 per cent to $248.1 billion, with annual inflows of $49.0 billion exceeding outflows of $47.7 billion by just $1.3 billion.
NAB/MLC ($62.8 billion), CBA/CFS ($58.8 billion), AMP ($49.3 billion), IOOF ($25.5 billion), OnePath ($19.7 billion) and Mercer ($17.3 billion) accounted for 94 per cent of the platforms total.
Master trusts were up 8.9 per cent to $73.6 billion, and inflows actually fell year on year by 16.6 per cent to $13.8 billion. Outflows rose 5.9 per cent to $12.1 billion, resulting in positive net flows of $1.7 billion.
*The original version of this article incorrectly stated Macquarie held $26.7 billion. This was due to a typographical error and has now been amended to $36.7 billion.
