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News Round Up: February 6

Saturn rings up portfolio boost; Good Returns needs you; Fund flows in 2010 up 46% on year earlier.

Monday, February 7th 2011, 6:11AM

by Benn Bathgate

Saturn rings up portfolio boost
Saturn Portfolio Management has announced the merger of the investment portfolio clients of Tim Garland with its Saturn Portfolio.

Saturn Portfolio Management chairman Craig Stobo said, "This transaction builds on Saturn Portfolio's continuing acquisition activity in the area of investment advice and progresses our goal of being recognised by New Zealanders as their trusted independent adviser."

Garland will work in conjunction with Saturn Portfolio advisers to ensure clients receive continuity of service as they are introduced to Saturn Portfolio staff and processes.

Garland said Saturn Portfolio represented a business that shared his values and goals, "and the personnel are well positioned to assist clients through both life and investment cycles."

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Fund flows in 2010 up 46% on year earlier
Over the year to December 2010 net fund flows were 46% up on 2009 and in the December quarter unit trusts overtook KiwiSaver inflows for the first time since 2008, according to FundSource figures.

In the December 2010 quarter net fund inflows into retail managed funds stood at $902 million compared to $486 million in the previous quarter.

Over the year to December 2010, net funds flow was $1,815 million, up 46% on the year earlier.

The December quarter also saw unit trusts overtake KiwiSaver for total inflows, with $601 million compared to the $486 million KiwiSaver inflow.

FundSource attributed KiwiBank's latest cash PIE fund for the increase in fund flow in the unit trust sector.

At the same time, the mortgage sector "continues to haemorrhage", seeing a decline in funds flow of -$90 million for the quarter, followed by Global Equity and NZ Fixed interest with -$24 million and -$13 million respectively.

The retail managed funds sector recorded a 5.6% rise ($1.2 billion) in total funds under management to $23.4 billion in the year ending December 2010. Unit trusts were the largest contributor with $8.5 billion (36%), followed by KiwiSaver with $7.4 billion (32%).

Regional Equity and Global Equity, despite seeing negative funds flow in the December quarter, recorded an increase in funds under management largely due to a strong performance of major global share markets.

FundSource also revealed the top five retail fund managers at December 2010, with OnePath in the top spot with $4.2 billion in funds under management followed by ASB/Sovereign ($3.4 billion), AXA/BNZ ($3.2 billion), BT/Westpac ($2.7 billion) and AMP ($2.1 billion).

Benn Bathgate is a business reporter for ASSET and Good Returns, email story ideas to benn@goodreturns.co.nz

« The fund that came in from the coldKiwiSaver mismatch a 'huge challenge' for advisers »

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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
Bluestone 3.49 3.49 3.49 3.49
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 4.49 4.70 4.80 4.95
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 - - -
Resimac 3.39 3.35 2.99 3.35
SBS Bank 4.54 3.05 3.19 3.25
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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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TSB Special 4.54 2.49 2.65 2.79
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Westpac 4.59 3.15 3.29 3.39
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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