Platforms' Reported Funds Under Management Rise by $78.4bn in 2023

Overall Masterfunds rose by 8.2% over the whole of 2023 from $952.4bn to $1,030.8bn fully recovering from a similar sized decline in 2022 with the increase due to improvements in the overall market value of their underlying assets. While the Wrap ($598.1bn up 10.0%) and Platform ($383.6bn up 15.6%) markets finished higher, Master Trusts ($49.1bn down 36.0%) fell following the acquisition by Mercer of all of previous sub-market leader BT's superannuation Master Trust business. Reported annual Inflows and Outflows jumped by 27.0% and 43.4% to total $207.5bn and $208.2bn respectively resulting in a relatively marginal overall Net Fund Outflow of just $0.7bn. These large cashflow increases were due to Mercer and BT treating their superannuation business transaction respectively as Inflows and Outflows.

In addition to Mercer most major companies saw their Masterfund business increase including in particular market leader Insignia ($208.7bn up 7.4%), Macquarie ($132.8bn up 14.7%), netwealth ($77.8bn up 24.6%) and HUB24 ($72.4bn up 29.7%) but those of BT ($131.6bn down 18.2%) and AMP ($121.3bn down 8.2%) both fell.

Source: Plan For Life

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