$11.1bn Increase in Retail Managed Funds during September 2020 Quarter
/Overall Retail Managed Funds at the end of September totalled $916.9bn, down 5.1% over the past year with the majority of this fall due to negative performances on underlying investment markets. During the latest quarter they actually rose 1.2% but overall have yet to fully recover from the COVID-19 stock market crash earlier in the year.
While the Top 4 players BT (-6.5%), AMP (-13.2%), Commonwealth / Colonial (-13.3%) and National Australia / MLC (-7.8%) were all lower, a couple of mid-sized players netwealth (33.1%) and HUB24 (32.2%) both continued to enjoy strong growth. Meanwhile IOOF (84.0%) almost doubled in size due to its takeover of ANZ Wealth’s Retail business in early 2020 that has now been rebadged OnePath Australia.
Source: Plan For Life
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