AMP Financial Services is still the country's biggest manager with $11.8 billion in total funds under management as at the end of the June quarter, leading ING New Zealand, the second biggest fundie including funds managed by ANZ and National Bank, by $4 billion. FundSource didn't name the new manager with more than a billion dollars under management.
Total funds under management sank 2.4% to $53.4 billion in the three months ended June 30, with all asset classes bar fixed interest falling. Fixed interest rose 5.6% in the quarter, and makes up 13.9% of total managed funds. Cash and mortgages is still the biggest asset class at 24.7%, and dropped 0.6% in the quarter.
KiwiSaver report the biggest gains in terms of client types, and is consistently growing at a quarterly pace of 1%, FundSource said.
Last month, FundSource research showed retail funds under management fell 2.5% to $19.67 billion.
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