Market woes wipe $1b from managed funds

Global economic wobbles and the share market downturn has wiped more than a billion dollars from the New Zealand fund management industry in the latest quarter.New figures from NZX-owned research house FundSource show total funds under management in the June quarter were $53.4 billion.Although this amount was an increase of more than $5 billion from the June 2009 quarter ($48.2 billion), it was down about 2.4% ($1.3 billion) from the $54.7 billion under management in the March quarter.

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