by Jenny Ruth
Total funds under management dropped $18 million, or 0.2%, to $9.366 billion.
Andrew Dinsdale, chairman of KPMG’s banking group, attributes the decline to investors chasing higher interest rates elsewhere.
Bank of New Zealand showed the biggest drop of 9% down to $2.48 billion while ANZ Bank and WestpacTrust each lost 2% to $2.04 billion and $1.72 billion respectively.
It was ANZ’s second successive annual decline but the first decline in recent years for both BNZ and WestpacTrust.
WestpacTrust is still the biggest retail funds manager among the banks, ranking fifth among all retail funds managers, while BNZ ranks eighth.
By contrast, ASB Bank’s funds under management surged 37% from $690 million to $944 million.
ASB is now the ninth largest retail funds manager. KPMG notes that ASB’s funds under management have increased more than fourfold since 1998.
National Bank also saw strong growth, funds under management rising 18% from $391 million to $4.61 million.
KPMG notes that Commonwealth Bank of Australia now owns Colonial First State, Sovereign and ASB Bank which have a combined $2.5 billion in retail funds under management, 22% more than the stand-alone market leader Tower which has just over $2 billion under management.
The combined Commonwealth group "present a formidable challenge to their bank and non-bank competitors."
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