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The latest retail managed funds report shows that investors continue to put their money into diversified and international equity funds.
Van Schaardenburg says the quarter's overall net funds flow was $257 million compared to $199 million in the previous quarter.
He says the flows made this period "a more pleasing quarter for the industry than the last quarter."
"Net funds under management only expanded by 1.7 per cent in the March quarter and grew by 13.8 per cent over the last year," he says. "Modest fund returns over the quarter meant that the net funds under management growth in the industry was primarily driven by net funds flow."
Unit trusts and super funds benefited from net inflows of $221 million and $101 million in the past quarter, while insurance bonds suffered outflows of $53 million. Group investment funds also suffered losses of $12 million that was a $33 million improvement on the previous period.
Van Schaardenburg says insurance bonds and low risk super funds remain vulnerable to investor outflows because of the changing interest rate environment and the removal of the Superannuation surcharge in April 1998.
He says the managers losing money are the ones with a number of products in these sectors.
In the league table ASB Bank, with inflows of $69 million, again topped the charts in the funds received category. It was followed by NZ Funds ($61.7 million), AMP ($37.3 million) and WestpacTrust ($34.4 million).
Fourteen firms suffered total outflows in the quarter.
Tower remains the biggest firm with $2.07 billion under management followed by AMP, Royal and SunAlliance and Armstrong Jones.
Look out for a full analysis of the quarter in the Features section later this week.
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