Retail Managed Funds Decreased by $21.2bn during September 2023 Quarter
/Overall Retail Managed Funds at the end of September totalled $1,061.7bn, up 5.8% over the past year as a result of investment markets remaining resilient notwithstanding global central banks raising interest rates back toward their historic norms as they attempt to rein in inflation after years of inappropriate loose economic management.
Among the main players market leader Insignia (4.9%) and Macquarie (12.4%) were higher while Colonial First State (1.1%) finished fairly flat however both BT (-18.2%) and AMP (-9.5%) were down; as reported last quarter BT's drop was due to its sale of $35bn worth of business to Mercer. Meanwhile the highest annual growth rates were recorded by a couple of mid-sized players netwealth (22.9%) and HUB24 (24.0%) along with of course Mercer (138.7%) that saw its funds under management more than double.
Source: Plan For Life
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