Bumper quarter for funds
Managed funds enjoyed a bumper quarter in the three months to march 31, recording overall funds flow of $584 million, according to research house IPAC Securities.
Wednesday, April 21st 1999, 12:00AM
Managed funds enjoyed a bumper quarter in the three months to march 31, recording overall funds flow of $584 million, according to research house IPAC Securities.General manager David van Schaardenburg says net funds under management expanded by 5.5 per cent in the March quarter and grew 12.5 per cent over the past year.
During this period there were positive net funds flow of $584 million, compared to $564 million in the December quarter.
Net funds under management grew from $14.66 billion to $15.5 billion in the past three months.
He says low interest rates, and the belief they will stay low, plus buoyant sharemarkets appear to be leading investors to move from low to medium risk investing and place money into diversified and equity funds.
Net flows into unit trusts were positive in the quarter at $324 million, while insurance bonds lost another $15 million. Super funds were up $159 million and group investment funds rose $115 million.
"Insurance bonds and low risk super funds remain vulnerable to investor outflows derived from the two recent paradigm shifts to lower interest rates outflows and the removal of the surtax."
Top Five managers, Three months to March 31
|
Funds flow |
Rank |
|
|
Tower |
103.6 |
1 (4) |
|
WestpacTrust |
99.3 |
2 (2) |
|
BNZ |
79.3 |
3 (1) |
|
ASB Bank (incl Sovereign) |
49.6 |
4 (3) |
|
NZ Funds |
46.4 |
5 (16) |
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