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Funds flow slows

March was another shocker for the managed funds industry in New Zealand with nearly quarter of a billion dollars flowing out of funds.

Monday, April 28th 2003, 12:52AM
According to FundSource the industry recorded net funds flow of -$247.8m for the three months to March 31, four and a half times any outflow prior to the last quarter last year.

The story is similar to previous quarters in recent years with large flows coming into bank run mortgage funds and large outflows out of diversified funds.

The biggest net outflows in the diversified fund sector again came from AMP, BNZ, Tower and Westpac, who jointly manage 40% of the net funds under management in this sector.

Also this quarter money left the international (global) equity sector.

A surprising feature of the quarter was that Forsyth Barr topped the table with a $34.3 million inflow, which was largely attributable to $38.8 million flowing into its cash management fund. ASB followed with an inflow of $32.9 million, again due to inflow of $52.3 million into a single fund, the ASB Residential Mortgage trust.

Third was Macquarie, which experienced inflows of $10.9 million into its Gilt Edge Access Account. Out of the 27 fund managers surveyed by FundSource, 17 recorded net outflows. Excluding the top three managers, the remaining 5 of 8 that recorded net inflows had a combined inflow of $31.3 million.

Other points


  • ING is now the largest fund manager (it’s combined with ANZ)
  • Mortgage sector pulled in $130.7 million
  • Australian unit trusts recorded their largest outflow to date of $17.3 million
  • Insurance bonds recorded their first net inflow, $21.4 million, in more than five years
  • Net funds under management fell 3.13% to $17.3 billion
  • This decline was split broadly between net funds outflow and negative fund returns
  • ASB was the only top 10 manager to increase market share in the past 12 months.
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Lender Flt 1yr 2yr 3yr
AIA - Back My Build 5.44 - - -
AIA - Go Home Loans 7.99 5.99 5.69 5.69
ANZ 7.89 6.59 6.29 6.29
ANZ Blueprint to Build 7.39 - - -
ANZ Good Energy - - - 1.00
ANZ Special - 5.99 5.69 5.69
ASB Bank 7.89 5.99 5.69 5.69
ASB Better Homes Top Up - - - 1.00
Avanti Finance 8.40 - - -
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BNZ - Classic - 5.99 5.69 5.69
Lender Flt 1yr 2yr 3yr
BNZ - Mortgage One 7.94 - - -
BNZ - Rapid Repay 7.94 - - -
BNZ - Std 7.94 5.99 5.69 5.69
BNZ - TotalMoney 7.94 - - -
CFML 321 Loans 6.20 - - -
CFML Home Loans 6.45 - - -
CFML Prime Loans 8.25 - - -
CFML Standard Loans 9.20 - - -
China Construction Bank - 7.09 6.75 6.49
China Construction Bank Special - - - -
Co-operative Bank - First Home Special - 5.79 - -
Lender Flt 1yr 2yr 3yr
Co-operative Bank - Owner Occ 7.65 5.99 5.75 5.69
Co-operative Bank - Standard 7.65 6.49 6.25 6.19
Credit Union Auckland 7.70 - - -
First Credit Union Special - 6.40 6.10 -
First Credit Union Standard 8.50 7.00 6.70 -
Heartland Bank - Online 7.49 ▼5.65 ▼5.55 ▼5.55
Heartland Bank - Reverse Mortgage - - - -
Heretaunga Building Society 8.90 7.00 6.50 -
ICBC 7.49 5.99 5.65 5.59
Kainga Ora 8.39 7.05 6.59 6.49
Kainga Ora - First Home Buyer Special - - - -
Lender Flt 1yr 2yr 3yr
Kiwibank 7.75 6.89 6.59 6.49
Kiwibank - Offset 8.25 - - -
Kiwibank Special 7.75 5.99 5.69 5.69
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Nelson Building Society 8.44 ▼6.39 ▼6.09 -
Pepper Money Advantage 10.49 - - -
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SBS Bank Special - ▼6.15 5.69 5.69
SBS Construction lending for FHB - - - -
Lender Flt 1yr 2yr 3yr
SBS FirstHome Combo 5.44 ▼5.15 - -
SBS FirstHome Combo - - - -
SBS Unwind reverse equity 9.75 - - -
TSB Bank 8.69 6.79 6.49 6.49
TSB Special 7.89 5.99 5.69 5.69
Unity ▼7.64 5.99 5.69 -
Unity First Home Buyer special - 5.49 - -
Wairarapa Building Society 8.50 ▼6.19 ▼5.79 -
Westpac 8.39 6.89 6.39 6.39
Westpac Choices Everyday 8.49 - - -
Westpac Offset 8.39 - - -
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Westpac Special - 6.29 5.79 5.79
Median 7.99 6.17 5.79 5.69

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