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Retail funds management industry shrinks

Contributor:
Fuseworks Media
Fuseworks Media

The retail funds management industry shrunk during the June quarter, though boutique fund managers did well, according to FundSource.

The amount of retail funds under management fell 2.5 percent, or $503 million, to $19.674 billion.

FundSource said investors may have been influenced by substantial falls in world sharemarkets in April and May sparked by the sovereign debt crisis in Europe. The S&P500 dropped 11.9 percent over the quarter to June 30.

FundSource said investors should take a long term view as pulling money out of managed funds materialises their losses.

FundSource's quarterly report captures trend information going back 19 years for New Zealand's retail managed fund industry across unit trusts, superannuation funds, group investment funds, insurance bonds, Australian unit trusts and now KiwiSaver funds.

In the boutique part of the industry Milford Asset Management rose $23m and Devon Funds Management rose $16m.

ING had $3.72b of funds under management as at June, ASB has $3.43b, BT had 2.41b, AMP had $1.88b and AXA had $1.79b.

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