$59.2bn Jump in Retail Managed Funds reported during December 2020 Quarter
/While Retail Managed Funds rose 6.5% in the December quarter to $976.2bn over the whole of 2020 they finished flat, down 0.2%. After slumping dramatically earlier in the year due to a general panic triggered by the start of the corona virus pandemic, global stock markets have subsequently recovered most or all of the ground lost and indeed in the US they are once again in record territory.
IOOF’s Retail Funds almost doubled in the first quarter of 2020 due to its acquisition of ANZ Wealth business, now rebadged OnePath. Meanwhile HUB24 (38.8%) and netwealth (35.0%) also both reported some significant growth rates however by contrast AMP (-9.4%) saw its business fall.
Source: Plan For Life
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