$50.2bn Growth in Retail Managed Funds during June 2020 Quarter
/Retail Managed Funds ended the 2019/20 financial year down 4.6% to total $906.1bn after recording a strong June quarter when they increased 5.9% to reclaim close to half the fall suffered in the March quarter when global stock markets dived due to the flow-on effects of all the quarantine and other measures taken to try to control the COVID-19 virus. They have since improved further with in particular the US markets back in record territory but remain volatile; Australian markets are less bullish and it would be fair to say looking forward generally there is pervading air of uncertainty.
Leading Retail managers that reported very significant increases in Retail Funds were IOOF (85.3%), netwealth (33.9%) and HUB24 (33.7%) while all of the Top 4 players BT (-5.8%), Commonwealth / Colonial (-10.5%), AMP (-14.8%) and National Australia / MLC (-7.7%) were lower. Note the IOOF increase was as a result of its takeover of ANZ Retail Funds, while part of the AMP decrease was due to the sale of their mature business to Resolution Life.
Source: Plan For Life
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