Wily baby-boomers make June record for manager

Baby-boomers heading down the home straight to retirement are a big factor in a bumper June-quarter inflow of retail finance, says ANZ Funds Management.

Net inflows of $103 million were a record for the manager, which now has $1.2 billion in retail funds under management and $1 billion in wholesale funds.

General manager Graham Duston said investors were becoming more sophisticated and less concerned about short-term investment cycles.

"The baby-boomers know they have to put away some serious dollars for their retirement," he said.

"They tend to be more focused on long-term goals and strategies as opposed to short-term market fluctuations."

But Mr Duston said ANZ's strong returns, client service initiatives and improved distribution channels had probably boosted inflows to stronger levels than its peers.

Of the $103 million, $26 million went into Australian unit trusts. More than half was invested in mortgages here, with fixed interest taking $14 million. Diversified funds and equities accounted for $33 million.

Some categories had modest outflows.