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Managers move away from alternatives

Generate and Milford had the largest percentage gain in KiwiSaver funds under management in the December quarter, new data from Aon shows.

Monday, February 22nd 2016, 11:30AM

It has released its KiwiSaver report for the December 2015 quarter.

Total funds under management have increased by 5.4% over the quarter, well in excess of the growth due to investment gains.

Generate’s funds under management increased 37.6% over the three months and Milford’s 10.8 per cent.

AMP and Mercer had the smallest gains, at 4.2 per cent and 3 per cent, respectively.

The $1.5 billion of additional funds was spread across all asset classes – with the exception of the category that includes includes alternative assets.

The allocation to alternatives fell by $22 million, from $528 million to $506 million.

Alternatives now make up just 1.7% of KiwiSaver assets, down from 1.9% three months ago.

Aon said that was low by international standards. “According to the latest Willis Towers Watson (WTW) annual survey global pension funds allocate on average 24% of their assets to alternatives.”

The survey made it clear that banks were still dominant. ANZ, ASB and Westpac have nearly 60 per cent of the KiwiSaver funds under management.

Growth funds performed best over the quarter, with the median growth fund returning 3.7% after fees and tax. The median conservative fund returned 1.2%.

It is a similar story over the last 12 months – the median growth fund returned 7.7% and the median conservative fund 4.2%.

The best performing fund over 2015 was the Generate Focused Growth Fund (13.6%, after fees and tax). The NZ Funds Income Fund provided the lowest return at just 1.0%.

Tags: Generate KiwiSaver Milford Asset Management

« Milford passes $500m mark in KiwiSaverWithdrawals increase »

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