Platforms' Reported Funds Under Management Rose by $54.5bn over the year to September 2023

Masterfunds over the past twelve months rose 5.9% to stand at $974.8bn despite declining 1.9% in the September quarter. Underlying investment markets remained resilient even as central banks raised interest rates back toward historic norms in an effort to control inflation. Wraps and Platforms were up by 8.1% and 12.9% to total $559.4bn and $370.0bn respectively however by contrast reported Master Trusts fell sharply by 39.6% to $45.3bn. Annual Inflows totalling $201.1bn were 20.9% higher but were exceeded by corresponding Outflows that jumped by almost half or 46.4% to $206.1bn resulting in an overall Net Outflow of $5.0bn. Note the jumps in overall reported Inflows and Outflows were affected by the sale of $35bn of BT's Super business to Mercer.

Market leader Insignia ($199.2bn up 5.0%) posted an increase while runner-up Commonwealth / Colonial ($131.0bn up 1.0%) remained relatively little changed. Some much more significant double digit percentage increases were recorded by Macquarie ($123.9bn up 12.4%) along with mid-sized players netwealth ($71.8bn up 23.6%) and HUB24 ($65.1bn up 24.0%). Meanwhile Mercer ($64.8bn up 138.7%) saw its business more than double after the BT deal with BT ($128.1bn down 18.4%) and AMP ($116.9bn down 9.5%) both finishing lower.

Source: Plan For Life

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