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Small rays of hope in figures

FundSource sees some positive signs amongst gloomy funds flow figures.

Wednesday, October 30th 2002, 6:47AM

The managed fund sector has broken a record it would rather have seen stay in place.

The sector has recorded its worst ever funds outflow, beating the one set three months ago by $43.8 million.

According to managed fund research house FundSource the net funds outflow in the three months to September was -$127.2 million compared to -$83.5 million in the three months to June 30.

"The outflow was primarily attributable to the $252.91m net outflow recorded in the diversified fund sector. The deterioration was also exacerbated by net outflows in the international fixed interest fund sector and more surprisingly in the NZ equity fund sector."

On the positive side of the ledger were mortgage and cash funds, which recorded gains of $99.19, and $121.71m respectively.

However, the mortgage fund sector net inflows were again isolated to three bank funds, namely those of the BNZ, ASB, and Westpac.

Net funds under management (NFUM) fell from $18.2 billion to $17.4 billion over the quarter, representing a 4.1% decline and $748.3m fall.

The magnitude of the fall was in line with the previous quarter's 4.1% fall but marginally better than the decline of 4.3% recorded in the September 2001 Quarter.

FundSource says the quarter’s decline was principally the result of weakness in international equity markets.

While the funds flow has been bad FundSource reckons several factors suggest a turnaround in investor sentiment. Not least of all has been the positive inflow to international equity funds, albeit marginal ($2.08m), and the modest net outflows from international and NZ fixed interest and also net outflows from NZ equity.

"This may suggest investors re-weighting their portfolios toward what is expected to be growth in international equities," the company says.

Big winners

Kiwi Income Property recorded the highest net funds flow of $69 million, due to its 6 for 1 rights issue in July.

National Bank was in second place attracting $61.8 million, solely attributable to an $80 million inflow into its cash fund.

Third place was Macquarie, which also benefited solely from a cash sector inflow.

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Lender Flt 1yr 2yr 3yr
AIA - Back My Build 6.19 - - -
AIA - Go Home Loans 8.74 7.24 6.79 6.65
ANZ 8.64 7.84 7.39 7.25
ANZ Blueprint to Build 7.39 - - -
ANZ Good Energy - - - 1.00
ANZ Special - 7.24 6.79 6.65
ASB Bank 8.64 7.24 6.79 6.65
ASB Better Homes Top Up - - - 1.00
Avanti Finance 9.15 - - -
Basecorp Finance 9.60 - - -
Bluestone 9.24 - - -
Lender Flt 1yr 2yr 3yr
BNZ - Classic - 7.24 6.79 6.65
BNZ - Green Home Loan top-ups - - - 1.00
BNZ - Mortgage One 8.69 - - -
BNZ - Rapid Repay 8.69 - - -
BNZ - Std, FlyBuys 8.69 7.84 7.39 7.25
BNZ - TotalMoney 8.69 - - -
CFML Loans 9.45 - - -
China Construction Bank - 7.09 6.75 6.49
China Construction Bank Special - - - -
Co-operative Bank - First Home Special - 7.04 - -
Co-operative Bank - Owner Occ 8.40 7.24 ▼6.79 ▼6.65
Lender Flt 1yr 2yr 3yr
Co-operative Bank - Standard 8.40 7.74 ▼7.29 ▼7.15
Credit Union Auckland 7.70 - - -
First Credit Union Special - 7.45 7.35 -
First Credit Union Standard 8.50 7.99 7.85 -
Heartland Bank - Online 7.99 6.69 6.45 6.19
Heartland Bank - Reverse Mortgage - - - -
Heretaunga Building Society 8.90 7.60 7.40 -
HSBC Premier 8.59 - - -
HSBC Premier LVR > 80% - - - -
HSBC Special - - - -
ICBC 7.85 7.05 ▼6.75 6.59
Lender Flt 1yr 2yr 3yr
Kainga Ora 8.64 7.79 ▼7.39 ▼7.25
Kainga Ora - First Home Buyer Special - - - -
Kiwibank 8.50 8.25 7.79 7.55
Kiwibank - Offset 8.50 - - -
Kiwibank Special - 7.25 6.79 6.65
Liberty 8.59 8.69 8.79 8.94
Nelson Building Society 9.00 7.75 7.35 -
Pepper Money Advantage 10.49 - - -
Pepper Money Easy 8.69 - - -
Pepper Money Essential 8.29 - - -
Resimac - LVR < 80% 8.84 8.30 7.89 7.69
Lender Flt 1yr 2yr 3yr
Resimac - LVR < 90% 9.84 9.30 8.89 8.69
Resimac - Specialist Clear (Alt Doc) - - 8.99 -
Resimac - Specialist Clear (Full Doc) - - 9.49 -
SBS Bank 8.74 7.84 7.45 7.25
SBS Bank Special - 7.24 6.85 6.65
SBS Construction lending for FHB - - - -
SBS FirstHome Combo 6.19 6.74 - -
SBS FirstHome Combo - - - -
SBS Unwind reverse equity 9.95 - - -
Select Home Loans 9.24 - - -
TSB Bank 9.44 8.04 7.55 7.45
Lender Flt 1yr 2yr 3yr
TSB Special 8.64 7.24 6.75 6.65
Unity 8.64 6.99 ▼6.79 -
Unity First Home Buyer special - - 6.45 -
Wairarapa Building Society 8.60 7.15 6.85 -
Westpac 8.64 7.89 7.49 7.25
Westpac Choices Everyday 8.74 - - -
Westpac Offset 8.64 - - -
Westpac Special - 7.29 6.89 6.65
Median 8.64 7.29 7.32 6.65

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