New Zealand Retail Managed Funds fall by 3.8% or NZ$5.8bn during March Quarter 2022

Retail Managed Funds at the end of March totalled NZ$147.1bn, up 8.5% over the past year. However since the start of 2022 global markets have fallen as central banks reverse course and begin to normalise their monetary policies ending the era of artificial ultra-low interest rates as they try to control inflation spawned by years of profligacy and the terrible Ukraine war.

Milford (35.2%) reported the largest increase in its funds to jump into 3rd place while mid-sized players Booster (26.5%), BNZ (22.5%) and Kiwi Wealth (17.6%) also recorded double digit percentage growth. Meanwhile the two market leaders ANZ (3.9%) and ASB (4.5%) together with Fisher (6.6%) and Mercer (5.1%) experienced more moderate increases in their business. On the other hand both AMP (-7.2%) and to a lesser degree BT / Westpac (-2.0%) declined.

During the March quarter Inflows fell 39.3% to NZ$7.2bn but year on year they still finished up 5.7%. Very significant annual Inflow growth was experienced by Booster (79.3%), BNZ (46.6%), Kiwi Wealth (45.0%) and Milford (29.4%) however those reported by AMP (-33.2%), ASB (-13.3%), BT / Westpac (-12.8%), Fisher (-6.0%) and ANZ (-4.0%) were lower.

Source: Plan For Life

Download Media Release: PFL Media Release - New Zealand Mar22