KiwiSaver pushes funds under management to $20b
Retail funds under management in New Zealand have exceeded $20 billion thanks to strong inflows into KiwiSaver and Cash PIE funds, new FundSource data shows.The FundSource Marketshare Report for the March quarter revealed that KiwiSaver funds sucked in ha
Niko Kloeten
Tue, 27 Apr 2010
Retail funds under management in New Zealand have exceeded $20 billion thanks to strong inflows into KiwiSaver and Cash PIE funds, new FundSource data shows.
The FundSource Marketshare Report for the March quarter revealed that KiwiSaver funds sucked in half a billion dollars while most other types of fund management products stagnated or declined.
KiwiSaver up, other funds down
For the March quarter KiwiSaver funds experienced net inflows of $525 million, a $101 million or 23.8% improvement from the previous quarter.
Unit trusts also had a positive month with net inflows of $55 million, albeit down from $104 million in the December quarter.
Group investment funds (GIFs) were down $159 million, a slight improvement from the previous quarter (-$184 million) but continuing a dismal trend- GIFs have now had net outflows for eight consecutive quarters.
Superannuation funds declined $91 million in the March quarter compared to an outflow of $68 million in the December quarter.
Who ate all the PIEs?
PIE (Portfolio Investment Entity) funds continue to be popular with net inflows of $450 million in the quarter while non-PIE funds suffered with net outflows of $137 million.
The inflows in the PIE funds were driven by KiwiSaver and unit trusts.
Funds flow into the NZ Diversified sector continued to increase with net funds flow of $404 million, up from $375 the previous quarter.
However, the funds flow out of NZ Mortgages continues with a $152 million in the March quarter.
Overall net funds under management reached $20.18 billion in the March quarter, up $637.5 million from December ($19.54 billion) and up more than $4 billion since March last year ($16.14 billion).
Niko Kloeten
Tue, 27 Apr 2010
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