New Zealand Retail Managed Funds dropped 3.3% during the December 2018 quarter due to a sell-off on global investment markets to total NZ$97.3bn. Over the whole of the past year they rose 5.4% which was significantly lower than the 16% average growth experienced over the previous 5 years.
As we go to press markets have subsequently recovered much of their December quarter falls however remain highly volatile and unpredictable. BNZ (27.5%), Milford (18.8%), ASB (11.8%), Booster (9.3%), BT / Westpac (8.0%), Kiwi Wealth (7.5%) and Fisher (6.0%) reported increases in their Retail funds under management.
Gross Inflows for 2018 of NZ$27.7bn jumped 17.0% in line with the 19% plus average growth rate recorded over the previous 5 years. There was the usual pause in reported Inflow growth during the December quarter which saw them decline by a marginal 0.8% due to KiwiSaver seasonality factors. Year on year Generate, Milford, BNZ, ASB and ANZ all posted above average Inflow growth rates while on the other hand those reported by AMP were lower.
Source: Strategic Insight (Plan For Life)
Download Media Release: SI_PFL_Media_Release_NZ_Retail_1218