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Best quarter for funds flow in 18 years

Inflows into KiwiSaver products have been the main positive in the face of a very challenging environment for the New Zealand retail managed funds industry, FundSource says.

Thursday, October 30th 2008, 7:29AM
In its latest market share report it says KiwiSaver Funds experienced positive net flows of $604 million in the September quarter.

Aside from KiwiSaver managed funds, a greater recognition of the advantages of investing through tax efficient portfolio investment entities (PIEs) by retail investors was seen.

PIE products (including KiwiSaver) experienced positive net flows of $1.1 billion in the quarter. An influx of funds in the cash sector was a major contributor to the inflows.

Overall net fund flows into funds were positive at $664.66 million, compared to negative $400.9 million in the previous quarter.

“This is the first positive quarterly net flow since March 2007,” Head of FundSource Yvonne Davie says.

“The September quarter is also the largest net inflow for a quarter the industry has seen in the 18-year history of this report.”

She says the positive effect of KiwiSaver is evident, with growing fund inflows and funds under management.

“Other than inflows in KiwiSaver and Cash PIE products, net funds under management figures appear in line with expectations given current market conditions. Funds continued to flow out of Australasian Equity, NZ Property, NZ Mortgage, International Regional Equity, International Global Equity and International Fixed Interest.

“In the September quarter, NZ Mortgages experienced the largest outflow of $290.9 million.”

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Lender Flt 1yr 2yr 3yr
AIA 4.55 2.55 2.69 2.79
ANZ 4.44 3.15 3.25 3.39
ANZ Special - 2.55 2.69 2.79
ASB Bank 4.45 2.55 2.69 2.79
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BNZ - Classic - 2.55 2.69 2.79
BNZ - Mortgage One 5.15 - - -
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BNZ - Std, FlyBuys 4.55 3.15 3.29 3.39
BNZ - TotalMoney 4.55 - - -
CFML Loans 4.95 - - -
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China Construction Bank Special - 2.65 2.65 2.80
Credit Union Auckland 5.45 - - -
Credit Union Baywide 5.65 3.95 3.85 -
Credit Union South 5.65 3.95 3.85 -
First Credit Union Special 5.85 2.95 3.45 -
Heartland 3.95 2.89 2.97 3.39
Heartland Bank - Online - - - -
Heretaunga Building Society 4.99 3.85 3.95 -
HSBC Premier 4.49 2.45 2.60 2.65
HSBC Premier LVR > 80% - - - -
Lender Flt 1yr 2yr 3yr
HSBC Special - - - -
ICBC 3.69 2.45 2.65 2.79
Kainga Ora 4.43 2.93 3.07 3.24
Kiwibank 3.40 3.30 3.54 3.54
Kiwibank - Offset 3.40 - - -
Kiwibank Special 3.40 2.55 2.79 2.79
Liberty 5.69 - - -
Nelson Building Society 4.95 3.45 3.49 -
Pepper Essential 4.79 - - -
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SBS Bank Special - 2.55 2.69 2.75
The Co-operative Bank - Owner Occ 4.40 2.55 2.69 2.79
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Westpac - Offset 4.59 - - -
Westpac Special - 2.55 2.69 2.79
Median 4.55 3.00 3.13 3.02

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