Shake up amongst fund managers
The fund manager league table has been turned on its head in the December quarter, according to IPAC Securities.
Tuesday, January 30th 2001, 9:57PM
There’s been a major shake up in which fund managers are getting all the money from investors and advisers, according to research house IPAC Securities.
Top of the pops in the December quarter, in terms of funds flow, was New Zealand Funds Management with $111 million, or more than a quarter of the overall flow.
WestpacTrust slipped to number two spot, and once again scored well with its relatively new Home Loan Trust.
IPAC Securities general manager David van Schaardenburg says there was "a lot more movement in the lower net funds flow ranks." Armstrong Jones leaped from 10th position to sixth and the National Bank from ninth to seventh.
"The big movers were Tower Group and BT. Tower fell nine places from fourth spot with net funds flow of $52 million in the September quarter to 13th place with $5 million net funds flow this quarter.
"Similarly, BT slipped seven places to 12th with net funds flow of $5 million, down over 85% from the September quarter."
Van Schaardenburg says 18 of the 37 managers in its survey suffered negative outflows in the quarter.
"The gross size of total net outflows increased by over 16% in the quarter. The outflows of the lowest ranking five managers in the quarter ranged from between negative $9.62 million to negative $33.6 million."
The December quarter saw strong funds flow into managed funds, despite weak share market performance, research house IPAC Securities says.
Overall the industry net inflow was $322 million, down 18% on the September quarter.
Net funds under management decreased by 2% in the December quarter to $17.9 billion, but increased by more than 6% over the 12 month period.
Negative fund returns over the quarter meant that the net funds under management total shrunk despite good net funds flow.
The trends for where money went to and where it drained out of, remained the same as in previous quarters.
"There was a continuing pattern of investors investing into diversified and international equity funds," van Schaardenburg says.
"Insurance bonds, group investment funds and cash and property super funds continued to experience investor outflows, while diversified and international equity funds received the lion’s share of new investor funds," he says.
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