The story is similar to previous quarters in recent years with large flows coming into bank run mortgage funds and large outflows out of diversified funds.
The biggest net outflows in the diversified fund sector again came from AMP, BNZ, Tower and Westpac, who jointly manage 40% of the net funds under management in this sector.
Also this quarter money left the international (global) equity sector.
A surprising feature of the quarter was that Forsyth Barr topped the table with a $34.3 million inflow, which was largely attributable to $38.8 million flowing into its cash management fund. ASB followed with an inflow of $32.9 million, again due to inflow of $52.3 million into a single fund, the ASB Residential Mortgage trust.
Third was Macquarie, which experienced inflows of $10.9 million into its Gilt Edge Access Account. Out of the 27 fund managers surveyed by FundSource, 17 recorded net outflows. Excluding the top three managers, the remaining 5 of 8 that recorded net inflows had a combined inflow of $31.3 million.
Other points
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