KEY POINTS:
KiwiSaver investors continued to help prop up the fund management sector, which recorded the second quarter in a row of positive inflows late last year, FundSource said yesterday.
Despite a global market decline, domestic retail fund managers recorded a $59.8 million positive net fund flow in the three months ended December 31.
That followed a $664 million positive net fund flow in the September quarter, the largest on record. However, total net funds
under management fell 6.9 per cent to $15.57 billion compared with a 1.1 per cent drop the previous quarter. KiwiSaver funds had positive net flows of $435.1 million during the quarter.
The top retail fund manager as at December was ING (including ANZ and National Bank) with $3.08 billion funds under management, followed by ASB, BT (including Westpac), AXA (including BNZ) and AMP.
