Large $120.8bn Drop in Retail Managed Funds Reported during March Quarter 2020
/Overall Retail Managed Funds ended the year to March down 8.9% to total $856.8bn after sliding 12.4% over the past quarter due to a dramatic slump on global stock markets triggered at least initially by all the quarantine and isolation measures adopted to try to control the corona virus pandemic. After subsequently recovering partially (fully in the case of the US) at time of going to press they are all beginning to slide again as the generally poor economic outlook and spread of COVID-19, which continues to be out of control in many countries, fuels both volatility and uncertainty.
Over the past year all the Top 4 leading Retail companies reported falls in their funds under management; BT (-9.4%), AMP (-12.5%), Commonwealth / Colonial (-11.5%) and National Australia / MLC (-10.4%). By contrast a couple of medium sized players netwealth (31.3%) and HUB24 (31.5%) recorded 30% plus jumps. Meanwhile IOOF’s business more than doubled thanks to its acquisition of the old ANZ Wealth Retail funds.
Source: Plan For Life
Download Media Releases:
