Total net funds under management fell 6.9% in the quarter to $15.57 billion. The number is down because of significant industry change and also one manager, Fund Managers Otago has stopped providing the researcher with data.
In the previous quarter Fund Managers Otago had $136 million in funds under management.
KiwiSaver was the one bright spot in the report recording a $375.6 million increase in funds under management.
ING (including ANZ and National Bank) recorded the biggest KiwiSaver funds flow in the quarter, pulling in $106.7 million. Second was ASB with $75 million. Most of these inflows were going into diversified funds and cash was the second most popular KiwiSaver group.
In the sectors the only two to record increases in funds under management were cash and New Zealand fixed interest. Cash had the largest increase, growing by $37.4 million to sit at $2.98 billion.
And as could be expected, mortgage trusts had the largest decline in funds under management, dropping $280 million, or around 10%.
Amongst the providers the two most significant moves was that Tower moved up two places in the league table to sixth position and Asteron and Guardian Trust were down one to seventh.
Of the 25 managers in the league table only five recorded increases in funds under management in the quarter, these are: BT (including Westpac), Forsyth Barr, Funds Administration, Mercer and Milford.
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