Upload
others
View
4
Download
0
Embed Size (px)
Citation preview
Australian Asset Flows
March Quarter 2015
Record Quarter Lifts Total Assets Under Management to AUD1.37 Trillion
Peter Gee
Research Products Manager
Date of Publication – March 2015
© 2015 Morningstar, Inc. All rights reserved. Neither
Morningstar, nor its affiliates nor their content
providers guarantee the data or content contained
herein to be accurate, complete or timely nor will
they have any liability for its use or distribution. Any
general advice has been prepared by Morningstar
Australasia Pty Ltd (ABN: 95 090 665 544, AFSL:
240892) and/or Morningstar Research Limited,
subsidiaries of Morningstar, Inc, without reference to
your objectives, financial situation or needs. You
should consider the advice in light of these matters
and, if applicable, the relevant Product Disclosure
Statement (in respect of Australian products) or
Investment Statement
(in respect of New Zealand products) before making
any decision to invest. Neither Morningstar,
nor Morningstar’s subsidiaries, nor Morningstar’s
employees can provide you with personalised
financial advice. To obtain advice tailored to your
particular circumstances, please contact a
professional financial adviser. DISCLOSURE:
Morningstar employees may have an interest in
the securities discussed in this report. Please refer
to Morningstar’s Financial Services Guide (FSG)
for more information www.morningstar.com.au/s/
fsg.pdf. Note: Some material is copyright and
published under licence from ASX Operations Pty
Limited ACN 004 523 782 ("ASXO").
The Australian managed funds industry started 2015
with a booming first quarter, gaining an additional
AUD90.7 billion. The result was the 14th consecutive
quarter of growth since March 2011, representing an
accumulated value of AUD490.5 billion. Total assets
under management now sit at AUD1.37 trillion.
In general, solid market conditions prevailed over the
quarter. Australian equities returned a strong 10.3% as
measured by the S&P/ASX 200 index. A-REITs were in
line with the broader market rising 9.4%, and
international property advanced 6.9%, lagging its
domestic counterpart. International equities also rose
over the period to return a respectable 9.6%. In this
environment, almost 60% of managers in our TAUM
survey expanded their asset bases by more than 5%
over the quarter.
Total assets under management grew by AUD90.7
billion over the March quarter. Equities stood tall over
the period and accounted for over AUD54.3 billion in the
growth of assets under management. The split between
domestic and international equities was AUD28.4 billion
and AUD25.8 billion respectively, reversing the recent
trend of the international sector dominating equities
growth. Strong international market returns over the
past year and the need for a more diversified equity
exposure attributed to the annual growth of
international equity assets reaching AUD68.8 billion
compared to AUD38.9 billion for Australian equities.
State Street Global Advisors maintained its position as
the largest manager of discrete mandate assets followed
by Commonwealth/Colonial Group. Macquarie Bank
Group finished the quarter with AUD46.7 billion in
discrete assets, comfortably placing the firm in third
position ahead of Challenger.
Australian managed funds on aggregate had net
outflows of more than AUD1.5 billion over the March
quarter, which was a significant decrease from the
previous quarter’s inflows of AUD6.5 billion. STC Growth
contributed the bulk of outflows over the quarter, with
more than AUD7.0 billion flowing out of the option and
into a new option called DC Growth. Investment trusts
had the largest net inflows over the quarter of more than
AUD3.9 billion, followed by pension and annuities with
inflows of over AUD625.6 million. Over the year to March,
pensions and annuities recorded the largest inflows,
mustering more than AUD5.2 billion. Investment trusts
came in a distant second with AUD396.8 million.
There has been a clear shift towards index funds over the
last year and the trend continued over the first quarter of
2015 as passive funds dominated active. The net inflow to
index funds was more than AUD2.3 billion compared with
outflows of almost AUD3.9 billion for actively managed
funds. Vanguard international shares Index was the main
beneficiary of inflows.
The Australian exchange-traded product (ETP) industry
continued to grow rapidly in the first quarter of 2015, with
assets up 18.27% to AUD17.62 billion. Global equities
dominated, but cash, US dollar, dividend harvesting,
inverse equity, crude oil and listed property ETPs also did
well. The common theme among that mixed bag is that
investors appear to be focused on income, while the
popularity of inverse, cash and currency ETPs suggests
caution about the market outlook. The number of ETPs at
the time of writing totaled 117, up from 102 at the end of
2014.
Net flows to platforms over the March quarter reached
AUD5.6 billion, a solid increase of AUD1.2 billion from the
previous quarter. Platforms have now recorded their
eighth consecutive quarter of total net inflows exceeding
AUD4.0 billion. Macquarie Group topped the platform
leader board over the March quarter, collecting an
additional AUD2.5 billion, followed by BT Financial Group
(AUD1.5 billion) and Commonwealth/Colonial Group
(AUD508.6 million). K
Discrete mandate assets grew by more than AUD55.1
billion in the March quarter, representing an increase of
more than 87.2% from the gain of AUD29.4 billion
experienced in the previous quarter. Assets now sit at
AUD787.6 billion and account for more than 57.1% of
total assets under management.
Overview 1
Methodology 2
Total Assets Under Management (TAUM) 3
Funds 6
Funds – Exchange-Traded (ETFs) 9
Platform Administration 10
Appendices 12
2 © 2015 Morningstar, Inc. All rights reserved. ?
Methodology
Total Assets Under Management (TAUM)‘Total Assets Under Management’ provides a snapshot of the total asset base for the managed fund industry and the assets under management for the underlying investment houses. It accounts for in-house managed money, including retail and wholesale funds, listed funds, and discrete mandates, but not outsourced money. Both market movement and investor flows can affect TAUM.
Funds ‘Funds’ captures the scale and flow of individual managed funds, identifying inflows and outflows. We assess fund and ETF flows independent of each other, while LIC data can be found in the appendix. The database contains over 16,000 active and finalised managed funds, also aggregated on parent and broad asset class levels. (The
inclusion of master trust platform funds in conjunction with the underlying funds may result in some double counting, however, Morningstar Direct does enable users to view the data exclusive of platform funds.) Estimated net flows have been used for some managers who have elected not to provide actual flows.
Platform Administration ‘Platform Administration’ captures the scale and flow of the assets under administration of platform providers, primarily through master trusts and wraps. It incorporates all money invested through platforms, including direct shares and term deposits.
Morningstar captures the scale and flow of the Australian managed funds industry from three different market perspectives:
Morningstar Australian Asset Flows – June Quarter 2013
2 © 2013 Morningstar, Inc. All rights reserved. ?
Methodology
Total Assets Under Management (TAUM)‘Total Assets Under Management’ provides a snapshotof the total asset base for the managed fund industry andthe assets under management for the underlyinginvestment houses. It accounts for in-house managedmoney, including retail and wholesale funds, listed funds,and discrete mandates, but not outsourced money. Bothmarket movement and investor flows can affect TAUM.
Funds‘Funds’ captures the scale and flow of individual managedfunds, identifying inflows and outflows. We assessfund and ETF flows independent of each other, while LICdata can be found in the appendix. The database containsover 16,000 active and finalised managed funds, alsoaggregated on parent and broad asset class levels. (The
inclusion of master trust platform funds in conjunctionwith the underlying funds may result in some doublecounting, however, Morningstar Direct does enable usersto view the data exclusive of platform funds.) Estimatednet flows have been used for some managers who haveelected not to provide actual flows.
Platform Administration‘Platform Administration’ captures the scale and flow ofthe assets under administration of platform providers,primarily through master trusts and wraps. It incorporatesall money invested through platforms, including directshares and term deposits.
Morningstar captures the scale and fl ow of the Australian managed funds industry from three different market perspectives:
✔ Covered by Morningstar
✔
✔
✔
✔
1 2 3
✔
✔
Unlisted Listed
Total Assets Under Management (TAUM)
Measures the total assets under management at the parent level.
Changes include market movement.
Funds
Captures fund inflows and outflows at the individual product level.
Changes do not include market movement
(applicable to cash flows).
Platform Administration
Tracks managed fund transactions through various distribution channels.
Changes do not include market movement
(applicable to cash flows).
✔
Australian Fund Managers
Overseas Fund Managers
Platform Direct
Industry
Government
Corporate
Investment Trust
Superannuation
Pension
Investment Bond
ETF
LIC
Master Trust
✔
Direct InvestmentRetail
✔ Retail
Wholesale✔
✔
✔ Wrap
✔ Retail Funds
✔ Wholesale Funds
✔ Discrete Mandates
✔ Listed Investments
Morningstar Australian Asset Flows – March Quarter 2015
? 3 © 2015 Morningstar, Inc. All rights reserved.
Morningstar Australian Asset Flows – March Quarter 2015
Total Assets Under Management (TAUM)
Assets Under Management Reach AUD1.37 Trillion
Total assets under management grew by an impressive AUD90.7 billion over the March quarter, the largest increase recorded. The result was the 14th consecutive quarter of growth since March 2011, representing an accumulated value of AUD490.5 billion. Total assets under management now sit at AUD1.37 trillion.
In general, solid market conditions prevailed over the quarter. Australian equities returned a strong 10.3% as measured by the S&P/ASX 200 index. A-REITs were in line with the broader market rising 9.4%, and international property advanced 6.9%, lagging its domestic counterpart. International equities also rose over the period to return a respectable 9.6%. In this environment, almost 60% of managers in our TAUM survey expanded their asset bases by more than 5% over the quarter.
State Street Global Advisors recorded the largest dollar increase over the quarter with more than AUD17.9 billion. The bulk of the increase was sourced from discrete mandates totaling more than AUD17.1 billion.
Vanguard Investments Australia Ltd came in second with more than AUD6.3 billion. The main contributors to growth were from wholesale investors (AUD4.1 billion) and discrete mandates (AUD1.7 billion). AMP Group rounded out the top three with over AUD5.7 billion, retail investors (AUD3.9 billion), discrete mandates (AUD2.2 billion) and wholesale (AUD1.4 billion) supplied most of the assets.
The largest five managers by assets are State Street Global Advisors (Aus) (AUD170.2 billion), followed by Commonwealth/Colonial Group with AUD122.5 billion, AMP Group (AUD99.6 billion), Vanguard Investments Australia (AUD78.8 billion) and BlackRock Investment Management (AUS) Ltd with AUD63.6 billion.
Over the year, discrete mandates contributed most to growth in TAUM with more than AUD55.1 billion, followed by retail AUD28.0 billion, wholesale AUD24.7 billion and listed investments at just over AUD3.5 billion.
Chart 1 – Total Assets Under Management ($bn) Chart 2 – Top & Bottom TAUM Change ($bn) March Quarter 2015
Chart 3 – Largest 10 Managers by TAUM ($bn)
March Quarter 2015 Chart 4 – TAUM Change for the Largest 10 Managers ($bn)
March Quarter 2015
* % TAUM Change
Morningstar Australian Asset Flows – March Quarter 2015
? 4 © 2015 Morningstar, Inc. All rights reserved.
Total Assets Under Management (TAUM) – Asset Class
Equity Assets Skyrocket Over March Quarter
Total assets under management grew by AUD90.7 billion
over the March quarter. Equities stood tall over the
period and accounted for over AUD54.3 billion in the
growth of assets under management. The split between
domestic and international equities was AUD28.4 billion
and AUD25.8 billion respectively, reversing the recent
trend of the international sector dominating equities
growth. Strong international market returns over the past
year and the need for a more diversified equity exposure
attributed to the annual growth of international equity
assets reaching AUD68.8 billion compared to AUD38.9
billion for Australian equities.
In aggregate dollar terms, investment managers held
AUD346.5 billion in Australian equity assets at the end of
March. This was followed by international equities (AUD333.9
billion), Australian fixed interest (AUD174.8 billion), cash
(AUD160.7 billion) and international fixed interest (AUD93.8
billion).
The average mix of assets held by managers at the end of
March was Australian equities (25.1%), international equities
(24.2%), fixed interest (19.8%), cash (11.7%), property and
infrastructure (11.2%), and other (8.0%).
Chart 5 – Asset Allocation
.
.
Chart 6 – TAUM Change by Asset Class ($bn)
March Quarter 2015
Chart 7–11 – Top and Bottom TAUM Change by Asset Class ($bn)
March Quarter 2015
Australian Equity International Equity
Property & Infrastructure Fixed Interest Cash * % TAUM Change
? 5 © 2015 Morningstar, Inc. All rights reserved.
Morningstar Australian Asset Flows – March Quarter 2015
Total Assets Under Management (TAUM) – Discrete Mandates
Discrete Mandate Assets Up AUD55.1 Billion
Discrete mandate assets grew by more than AUD55.1
billion in the March quarter, representing an increase of
more than 87.2% from the gain of AUD29.4 billion
experienced in the previous quarter. Assets now sit at
AUD787.6 billion and account for more than 57.1% of total
assets under management.
State Street Global Advisors (Aus) recorded the largest
absolute change over the quarter, with a jump of
AUD17.1 billion. The group’s international equities assets
swelled by more than AUD5.8 billion. Assets in
Commonwealth/Colonial Group increased by more than
AUD3.0 billion over the same period. The main
contributors to growth were cash, benefitting from the
AUD1.7 billion net flows from the Future Fund. Schroder
Investment Management Australia Limited had the third
largest increase in discrete assets with AUD2.6 billion.
The firm’s discrete assets now sit at over AUD32.5 billion
as at the end of March. Equities contributed almost 70%
of the growth in assets with Australian equities adding
AUD932.4 million and international equities AUD903.3
million.
Some notable mandate movements over the quarter
include VicSuper awarded a AUD100 million mandate to
global fixed interest manager Payden & Rygel and The
Meat Industry Employees Superannuation Fund handed
AllianceBernstein an equities mandate.
State Street Global Advisors maintained its position as the
largest manager of discrete mandate assets with more
than AUD160.5 billion as at the end of March 2015.
Commonwealth/Colonial Group experienced growth of
6.0% for the quarter and managed to secure second place
with AUD53.9 billion. Macquarie Bank Group finished the
quarter with AUD46.7 billion in discrete assets, comfortably
placing the firm in third position ahead of Challenger.
Looking at aggregate results, Australian equities grew by an
impressive AUD17.8 billion, and international equities gained
AUD14.9 billion over the quarter. Sound growth was also
achieved among fixed interest assets. International fixed
interest and Australian fixed increased AUD3.5 billion and
AUD3.0 billion respectively.
Chart 12 – Discrete Mandate TAUM ($bn) Chart 13 – Top & Bottom TAUM Quarterly Change ($bn)
March Quarter 2015
* % TAUM Change
Morningstar Australian Asset Flows – March Quarter 2015
? 6 © 2015 Morningstar, Inc. All rights reserved.
Funds
Passive Funds Dominate
Australian managed funds on aggregate had net
outflows of more than AUD1.5 billion over the March
quarter, which was a significant decrease from the
previous quarter’s inflows of AUD6.5 billion. STC Growth
contributed the bulk of outflows over the quarter, with
more than AUD7.0 billion flowing out of the option and
into a new option called DC Growth. Investment trusts
had the largest net inflows over the quarter of more than
AUD3.9 billion, followed by pension and annuities with
inflows of over AUD625.6 million. Over the year to
March, pensions and annuities recorded the largest
inflows, mustering more than AUD5.2 billion. Investment
trusts came in a distant second with AUD396.8 million.
The top asset-gathering managers over the quarter
included Vanguard Investments Australia Ltd with more
than AUD1.2 billion. Heavyweight industry fund
AustralianSuper scored second place, collecting over
AUD1.1 billion. Commonwealth/Colonial Group followed
with AUD666.5 million and AMP Group capped off the top
four with almost AUD623.5 million.
There has been a clear shift towards index funds over the
last year and the trend continued over the first quarter of
2015 as passive funds dominated active. The net inflow to
index funds was more than AUD2.3 billion compared with
outflows of almost AUD3.9 billion for actively managed
funds. Vanguard international shares Index was the main
beneficiary of inflows.
Defensive assets were the standout over the March
quarter with inflows of more than AUD2.7 billion, while
growth funds bled over AUD1.3 billion. Alternatives
secured flows in excess of AUD457.2 million and multi-
sector funds registered large outflows of more than
AUD3.8 billion.
Commonwealth/Colonial Group is sitting in top position as
the largest holder of total funds under management. AMP
Group recorded a quarterly increase of AUD5.7 billion and
came in second place in size, followed by Australian Super,
National/MLC Group and BT Financial Group rounding out
the top five.
Chart 14 – Funds Quarterly Flow ($bn)1 Chart 15 – Top and Bottom Managers by Flow ($bn)1
March Quarter 2015
Chart 16 – Largest 10 Managers by Size ($bn)1
March Quarter 2015
1 Aggregated from fund level data
Chart 17 – Flow for Largest 10 Managers ($bn)1
March Quarter 2015
*Flow/Beginning Size %
? 7 © 2015 Morningstar, Inc. All rights reserved.
Morningstar Australian Asset Flows – March Quarter 2015
Funds – Flows
Fixed Interest Leads Quarterly Flows
Traditional domestic and global bonds lead the single sector flows over the March quarter. Australian bonds recorded net inflows of AUD678.8 million followed by global bonds with just over AUD541.4 million. Investors also poured more than AUD477.3 million into multi-strategy income. Fixed interest funds featured prominently in top flows. Kapstream Premier Absolute Return Income Fund gained more than AUD226.5 million and ranked number two on our list. The fund aims to provide a steady stream of income with capital stability across economic cycles. Strong inflow over the past year has helped the fund to reach more than AUD1.6 billion since inception around mid-2007.
Investors have not shied away from PIMCO Diversified Fixed Interest. The strategy invests in a mix of local and offshore government, semi-government and corporate bonds. The focus is on investment grade securities in developed markets but can also include high-yield bonds, emerging markets and inflation linked bonds. The fund secured over AUD124.5 million in flows during the March quarter and AUD295.5 million over the past twelve months. Passive management was in favour over the quarter, a fact supported by the number of index funds appearing in our table of top ten largest flows.
BlackRock Global Bond Index Fund acquired inflows of over AUD167.1 million and Vanguard International Shares Index collected AUD121.4 million. Vanguard is one of the world’s leading index managers and the International Shares Index fund is popular among investors seeking inexpensive, broad and uncomplicated exposure to global equities.
There was an exodus out of Australian and international equities over the quarter, however, Fidelity and Magellan managed to buck the trend and appear in our top ten list. Australian equities in aggregate had outflows over the March quarter of more than AUD501.9 million. About 73% of funds had negative flows. Fidelity Australian Equities collected more than AUD140.8 million in flows, the fund has displayed consistently strong performance resulting in an enviable long-term record of outperforming the market and peer group over 10 years. Magellan Global has proven a strong outperformer over a variety of market conditions and has been a magnet for assets in recent times. The fund has again made it into our top ten largest inflows list and is the only active international share manager to appear in the table. Over the March quarter, the fund gathered over AUD128.1 million.
Table 2 – Top 10 Funds by Quarterly Flow to March 2015 ($m)*
Fund Name Quarterly Flow Annual Flow Total Net Assets Morningstar Category
Vanguard Intl Shares Index Hgd NZD 509 517 1,146 Miscellaneous
Kapstream Premier Absolute Return Inc 227 -138 1,698 Multi-Strategy Income
BlackRock Global Bond Index Fund 167 217 793 Bonds - Global
UBS Dynamic Alpha Strategies Fund A 167 528 1,070 Alternative Strategies
Fidelity Australian Equities 141 599 4,532 Equity Australia Large Blend
Kapstream Wholesale Absolute Ret Inc Fd 139 856 1,674 Multi-Strategy Income
Magellan Global 128 786 7,507 Equity World Large Blend
Vanguard Balanced Index Fund 127 349 2,896 Multisector Balanced
PIMCO EQT WS Diversified Fixed Interest 125 296 1,612 Bonds - Global / Australia
Vanguard International Shrs Idx Hdg AUD 121 -18 3,585 Equity World - Currency Hedged
Table 3 – Bottom 10 Funds by Quarterly Flow to March 2015 ($m)*
Fund Name Quarterly Flow Annual Flow Total Net Assets Morningstar Category
Candriam Sustainable Global Equity -636 -581 39 Equity World Large Blend
MFS Global Equity Trust -238 -168 7,070 Equity World Large Growth
Vanguard International Shares Index -186 -96 9,295 Equity World Large Blend
Realindex Emerging Markets-Class A -153 -108 348 Equity Emerging Markets
Bennelong Long Short Equity -138 -141 210 Alternative Strategies
Platinum International Fund -121 196 11,667 Equity World Large Blend
Perennial Australian Fixed Interest Tr -112 -58 684 Bonds - Australia
Mercer Global Listed Infrastructure -102 -326 73 Infrastructure - Global
CFS FC W Inv-CFS W Global Credit Income -97 -100 1,457 Diversified Credit
Russell International Shares A
*Cash and Super funds are excluded.
-85 -572 349 Equity World Large Blend
Morningstar Australian Asset Flows – March Quarter 2015
? 8 © 2015 Morningstar, Inc. All rights reserved.
Funds – Asset Class
Equity Exodus Net outflows from equities in the first quarter of 2015
totalled more than AUD1.4 billion. Australian equities
lost AUD501.9 million, continuing the theme experienced
over the 2014 calendar year. Large-cap blend strategies
had the largest outflows over the quarter, shedding
more than AUD302.7 million. Value style strategies lost
AUD123.0 million compared to the significantly lower net
outflow of AUD31.9 million experienced by their growth
counterparts. Derivative income strategies made inroads
over the three months, accruing net inflows of AUD18.1
million and investors poured more than AUD95.6 million
into mid- to small-cap strategies.
Net outflows from international equities almost doubled that
of Australian equities with AUD994.1 billion over the quarter.
Large cap blend strategies impacted the most with net
outflows of over AUD1.0 billion. At the other end of the
spectrum, strong inflows were received by hedged
strategies totaling more than AUD313.7 million and Asia
Pacific strategies gained more than AUD167.6 million.
Looking at the fixed interest landscape, Australian bonds
and global bonds recorded inflows of AUD678.8 million
and AUD541.4 million respectively. While traditional
bonds gained substantial ground, diversified credit
strategies also gathered flows, although to a much lesser
extent, recording AUD127.7 million for the quarter. On an
annual basis, however, it was clear that Australian bonds
were out of favour, net outflows totalled AUD228.5
million. Diversified credit was popular, amassing
AUD752.4 million followed closely by global bonds with
AUD737.1 million.
.
.
Chart 18 – Flow by Asset Class ($bn)1
March Quarter 2015
Chart 19–24 – Top & Bottom Flow by Asset Class ($bn)1
March Quarter 2015
Australian Equity International Equity
Fixed Interest Cash Multisector *Flow/Beginning Size %
1 Aggregated from fund level data.
? 9 © 2015 Morningstar, Inc. All rights reserved.
Morningstar Australian Asset Flows – March Quarter 2015
Funds – Exchange-Traded (ETFs)
ETF Asset Growth and Product Innovation Continues
The Australian exchange-traded product (ETP) industry continued to grow rapidly in the first quarter of 2015, with assets up 18.27% to AUD17.62 billion. Global equities dominated, but cash, US dollar, dividend harvesting, inverse equity, crude oil and listed property ETPs also did well. The common theme among that mixed bag is that investors appear to be focused on income, while the popularity of inverse, cash and currency ETPs suggests caution about the market outlook.
There were notable developments in the ETP market this year.
ANZ collaborated with ETF Securities to announce the launch of six new ETPs in late May – thereby becoming the first Australian bank to offer ETPs.
Magellan Global Equities Fund MGE is the first truly actively managed ETP, debuting on 2 March 2015. Magellan had rapid success with MGE raising nearly AUD125 million in the month of March.
UBS launched five ethical ETFs during the quarter, offering Australian and other regional equity products. By the end of March these ETFs had gathered more than AUD92 million, most of it (more than AUD80 million) in the Australian ethical ETF.
Later launches included the debut of Russell Australian Responsible Investment ETF RARI on 1 April 2015, BetaShares Strong Bear Hedged Fund BBOZ on 17 April and BetaShares NASDAQ 100 ETF NDQ on 26 May.
There was also a product closure during the quarter – Chimaera Capital announced that DIGGA Australian Mining ETF DGA would cease trading on 27 March 2015, citing “extremely weak market conditions across the Australian resources sector and low levels of funds under management”.
That took the number of ETPs to 117 at the time of writing, from 102 at the end of 2014.
Table 4 – Largest 10 ETFs
Rank Name Total Net Assets Mar-15 ($m) Market Share (%) Total Net Assets Mar-14 ($m)
1 SPDR® S&P/ASX 200 ETF 2654 15.1 2,287
2 iShares Core S&P 500 (AU) 1874 10.6 1,033
3 Vanguard Australian Shares ETF 986 5.6 583
4 iShares Global 100 (AU) 984 5.6 588
5 BetaShares Aus High Interest Cash ETF 782 4.4 376
6 Vanguard US Total Market Shares ETF 660 3.8 272
7 SPDR® S&P/ASX 200 Listed Property ETF 572 3.2 410
8 Vanguard Australian Shares High Yld ETF 524 3.0 376
9 iShares MSCI Emerging Markets (AU) 518 2.9 297
10 iShares Europe (AU) 464 2.6 278
Chart 25 – ETF Total Net Assets ($bn) Chart 26 – Total Net Assets by ETF Provider ($bn)
March Quarter 2015
*Market Share %
Morningstar Australian Asset Flows – March Quarter 2015
? 10 © 2015 Morningstar, Inc. All rights reserved.
Platform Administration
Platforms Take in an Additional AUD5.6 Billion
Net flows to platforms over the March quarter reached AUD5.6 billion, a solid increase of AUD1.2 billion from the previous quarter. Platforms have now recorded their eighth consecutive quarter of total net inflows exceeding AUD4.0 billion.
Macquarie Group topped the platform leader board over the March quarter, collecting an additional AUD2.5 billion. Macquarie wrap solutions alone had net flows of over AUD2.2 billion; the bulk of this figure can be accounted for by the successful migration of the Trust Company business from Perpetual, totalling approximately AUD1.8 billion.
BT Financial Group secured the second largest inflows over the quarter with almost AUD1.5 billion. More than half of the flows for BT Financial Group came from two main platform products. BT Investment Wrap continued to receive strong net flows, amassing more than AUD433.0 million over the March quarter. BT Panorama collected AUD382.1 million in net flows, almost a 40% increase from the previous quarter.
Commonwealth/Colonial Group rounded out the top three with AUD508.6 million. Flows were directed to Colonial First State FirstChoice Pensions, securing more than AUD240.9 million over the March quarter and FirstWrap Super Wrap gained AUD202.6 million.
Over the first quarter of 2015, investment wraps gathered the largest slice of flows by far, with more than AUD3.4 billion. Superannuation master trusts collected AUD792.7 million, followed by superannuation wraps (AUD 567.8 million) and investment master trusts (AUD530.1 million).
BT Financial Group’s funds under administration topped AUD138 billion at the end of the quarter, followed by AMP Group with AUD107 billion, Commonwealth/Colonial Group (AUD99 billion), Macquarie Group (AUD49 billion) and OnePath/ANZ Group rounded out the top five with AUD44 billion. In terms of percentage growth over the quarter for funds under administration, three groups managed to reach double figures. Suncorp grew by an impressive 24.5%, followed by Macquarie Group (14.0%) and netwealth Investment grew more than 13.9%.
Chart 27 – Platform Quarterly Flow ($bn)
Chart 28 – Top & Bottom Platform Admin by Flow ($bn)
March Quarter 2015
*Market Share %
? 11 © 2015 Morningstar, Inc. All rights reserved.
Morningstar Australian Asset Flows – March Quarter 2015
Platform Administration (cont'd)
Table 5 – Select Platform Product Additions
Broad Category Fund Name Platform Name Platform Provider
Australian Equity Bennelong WS Plus ex-20 Australian Eq BT SuperWrap BT Financial Group Ltd
Australian Equity Fidelity Australian Opportunities BT SuperWrap BT Financial Group Ltd
Australian Equity Tyndall Australian Share Concentrated CFS First Wrap, Macquarie Investment Manager, Macquarie Super and
Pension Manager
Commonwealth/Colonial Group, Macquarie Bank
Group
Fixed Interest Payden Global Income Opportunities Macquarie Investment Manager, Macquarie Super and Pension
Manager
Macquarie Bank Group
Fixed Interest PIMCO EQT Wh Uncons Bond B Macquarie Investment Manager, Macquarie Super and Pension
Manager
Macquarie Bank Group
Fixed Interest Franklin Templeton Global Aggregate Bd W Macquarie Investment Manager Macquarie Bank Group
International Equity Aberdeen Emerging Opportunities Macquarie Accumulator Macquarie Bank Group
International Equity
Fidelity Hedged Global Equities BT SuperWrap BT Financial Group Ltd
International Equity Platinum International Healthcare CFS First Wrap, Macquarie Investment Manager, Macquarie Super and
Pension Manager
Commonwealth/Colonial Group, Macquarie Bank
Group
Property Aust Unity Wholesale Healthcare Property netwealth Investment Wrap, netwealth Super Wrap netwealth
Morningstar Australian Asset Flows – March Quarter 2015
? 12 © 2015 Morningstar, Inc. All rights reserved.
Appendices
Appendix 1 – Mandate Changes 13
Which managers are winning and losing mandates.
Appendix 2 – Platform Product Additions 13
Which products were added to platform menus. A list of platform product additions and removals
is available in Morningstar Direct™ Asset Flows – Workspace.
Appendix 3 – Listed Investment Companies (LICs) 20
List of top 10 LICs, their size, and market share.
Appendix 4 – Multi-manager Net Assets 20
Retail managers’ total net assets invested in multi-manager products.
Appendix 5 – APRA Superannuation Statistics 21
Details about the Australian superannuation industry.
Appendix 6 – APRA Superannuation Funds 22
List of the largest superannuation funds and their major features.
Appendix 7 – Mergers and Acquisitions 23
An overview of recent mergers and acquisitions, including any effects on Asset Flows reporting.
Appendix 8 – Asset Class Returns 23
Details the performance of main indices over various time periods.
? 13 © 2015 Morningstar, Inc. All rights reserved.
Morningstar Australian Asset Flows – March Quarter 2015
Appendix 1 Table 1 – Mandate Changes
Which managers are winning and losing mandates.
Event Fund Name Manager Name Asset Class Value ($m) Date Reported
Awarded Canadian pension plan Ontario Pension Board AMP Capital Global Infrastructure 248 7/01/2015
Awarded VicSuper Payden & Rygel Alternatives 100 29/01/2015
Awarded Centric Wealth Maverick Capital Global Equity 50 2/02/2015
Awarded Commonwealth Bank Ardevora Asset Management Global Equity 200 4/02/2015
Awarded Meat Industry Employees' Superannuation Fund AllianceBernstein Equity NR 16/03/2015
Awarded NR Smarter Money Investments Fixed Income 50 20/03/2015
Awarded AMP Capital Salt Funds Management Equity 670 25/03/2015
Awarded VicSuper AllianceBernstein Global Equity 100 25/03/2015
NR = Not Reported
Appendix 2
Table 2 – Platform Product Additions
A list of platform product additions and removals is available in Morningstar Direct™ Asset Flows – Workspace.
Fund Name Platform Name
Australian Equity
Bennelong WS Plus ex-20 Australian Eq BT SuperWrap
Acadian Wholesale Aus Equity Long Short BT SuperWrap, CFS First Wrap, Macquarie Investment Manager, Macquarie Super and Pension Manager
Advance Australia Share Index W BT SuperWrap
AllianceBernstein Managed Volatility Eq BT Investment Wrap, BT SuperWrap, netwealth Investment Wrap, netwealth Super Wrap
AMP Capital Sustainable Share A Macquarie Accumulator
Ausbil MicroCap Macquarie Accumulator
Aust Unity Acorn Capital Ws Microcap Tr BT SuperWrap, CFS First Wrap, Macquarie Investment Manager, Macquarie Super and Pension Manager
Aviva Investors Prof Australian Equities BT SuperWrap
Aviva Investors Prof Small Companies Macquarie Accumulator
Bennelong ex-20 Aus Eq CFS FirstChoice Investments, CFS FirstChoice Pensions, CFS FirstChoice Personal Super
Bennelong ex-20 Aus Eq Sel CFS FirstChoice Employer Super
Bennelong ex-20 W Aus Eq CFS FirstChoice Wholesale Investments, CFS FirstChoice Wholesale Pension, CFS FirstChoice Wholesale Personal Super
BlackRock Scientific Aus Equity Fund BT SuperWrap, CFS First Wrap
BlackRock Wholesale Plus Australian Eq BT SuperWrap
BT Aus Share WS BT SuperWrap, Macquarie Investment Manager, Macquarie Super and Pension Manager
BT Ironbark Karara WS Plus Aus Shr BT Investment Wrap, BT SuperWrap
BT Multi-Manager Aus Shr Retail BT Investment Wrap
BT Schroder WS Plus Australian Smllr Com BT Investment Wrap, BT SuperWrap
BT UBS WS Plus HALO Australian Share BT Investment Wrap, BT SuperWrap
BT WS Plus Core Australian Share Fund BT SuperWrap
CFS FC W Inv-Sanlam W Mgd Risk Aus Shr CFS First Wrap
Dimensional Australian Core Imptn Trust Macquarie Accumulator, Macquarie Investment Manager, Macquarie Super and Pension Manager
Fidelity Australian Opportunities BT SuperWrap
Fidelity Future Leaders BT SuperWrap
Morningstar Australian Asset Flows – March Quarter 2015
? 14 © 2015 Morningstar, Inc. All rights reserved.
Appendix 2 (cont'd) Table 2 – Platform Product Additions
A list of platform product additions and removals is available in Morningstar Direct™ Asset Flows – Workspace.
Fund Name Platform Name
Fidelity WS Plus Australian Eqs Fd BT SuperWrap
Goldman Sachs Emerging Leaders Wholesale BT SuperWrap, Macquarie Investment Manager, Macquarie Super and Pension Manager
Ironbark Karara WS Plus Aust BT SuperWrap
Macquarie Dividend Run-Up Fund Macquarie Investment Manager
Macquarie High Conviction Macquarie Accumulator
NovaPort WS Smaller Companies Macquarie Accumulator
OC Premium Equity CFS First Wrap
OC Premium Small Comp CFS FirstChoice Investments, CFS FirstChoice Pensions, CFS FirstChoice Personal Super
OC W Premium Small Comp CFS FirstChoice Wholesale Investments, CFS FirstChoice Wholesale Pension, CFS FirstChoice Wholesale Personal Super
Pengana Australian Equities Core Macquarie Accumulator
Pengana Emerging Companies CFS First Wrap, Macquarie Accumulator, Macquarie Investment Manager, Macquarie Super and Pension Manager
Perennial Value Wealth Defender Aust Shr BT SuperWrap, Macquarie Investment Manager, Macquarie Super and Pension Manager
Perpetual Pure Microcap Fund Macquarie Accumulator, Macquarie Investment Manager, Macquarie Super and Pension Manager
Perpetual WS Plus Australian Fund BT SuperWrap
Prime Value Opportunities B BT SuperWrap
Regal Long Short Australian Equity Macquarie Accumulator
Sanlam Mgd Risk Aus Shr CFS FirstChoice Investments, CFS FirstChoice Pensions, CFS FirstChoice Personal Super
Sanlam W Mgd Risk Aus Shr CFS FirstChoice Wholesale Investments, CFS FirstChoice Wholesale Pension, CFS FirstChoice Wholesale Personal Super
Schroder Equity Opportunities Macquarie Investment Manager, Macquarie Super and Pension Manager
Schroder WS Plus Australian Equity Fd BT SuperWrap
SGH ICE CFS First Wrap, Macquarie Investment Manager, Macquarie Super and Pension Manager
Smallco Investment Macquarie Super and Pension Manager
SSgA Australian Managed Volatility Alpha BT SuperWrap, CFS First Wrap, Macquarie Investment Manager, Macquarie Super and Pension Manager
T. Rowe Price WS Plus Australian Eq BT SuperWrap
The Montgomery Macquarie Investment Manager, Macquarie Super and Pension Manager
Tyndall Australian Share Concentrated CFS First Wrap, Macquarie Investment Manager, Macquarie Super and Pension Manager
Tyndall WS Plus Australian Shr Fd BT SuperWrap
Cash
YBR Smarter Money - Platform Investor BT Investment Wrap, BT SuperWrap, Macquarie Accumulator, Macquarie Super and Pension Manager
IOOF MultiMix Cash Enhanced Trust BT SuperWrap
MIF A BT Investment Wrap, BT SuperWrap
Vanguard Cash Plus Index Macquarie Accumulator
Fixed Interest
Advance Australia Fixed Interest Index BT SuperWrap
Advance International Fixed Intr Index W BT SuperWrap
AMP Capital Corporate Bond A Macquarie Accumulator
AMP Capital WS Plus Corporate Bond Fd BT SuperWrap
Antares Income Fund Macquarie Investment Manager, Macquarie Super and Pension Manager
Australian Unity Altius Bond BT Investment Wrap, BT SuperWrap
Balmain (MWMT) Mortgage Tr - IDPS Macquarie Accumulator, Macquarie Investment Manager
Balmain AQUA High Income Trust Macquarie Investment Manager
BT Franklin Templeton WS Plus Multi Bd BT Investment Wrap, BT SuperWrap
BT Goldman Sachs WS Plus Gr & Emrg Mkt BT Investment Wrap, BT SuperWrap
BT Macquarie WS Plus Income Opps BT Investment Wrap, BT SuperWrap
BT Multi-Manager Fixed Interest Retail BT Investment Wrap
? 15 © 2015 Morningstar, Inc. All rights reserved.
Morningstar Australian Asset Flows – March Quarter 2015
Appendix 2 (cont'd)
Table 2 – Platform Product Additions
A list of platform product additions and removals is available in Morningstar Direct™ Asset Flows – Workspace.
Fund Name Platform Name
BT Perpetual WS Plus Diversified Inc BT Investment Wrap, BT SuperWrap
BT PIMCO WS Plus Diversified Fix Int BT Investment Wrap, BT SuperWrap
BT PIMCO WS Plus Global Bond BT Investment Wrap, BT SuperWrap
BT WS Plus Fixed interest Fund BT SuperWrap
Franklin Temp Msect Bond CFS FirstChoice Investments, CFS FirstChoice Pensions, CFS FirstChoice Personal Super
Franklin Temp W Msect Bond CFS FirstChoice Wholesale Investments, CFS FirstChoice Wholesale Pension, CFS FirstChoice Wholesale Personal Super
Franklin Templeton Global Aggregate Bd W Macquarie Investment Manager
GAM Absolute Return Bond (AU) BT SuperWrap, Macquarie Investment Manager, Macquarie Super and Pension Manager
Goldman Sachs Global Strategic Bond BT SuperWrap, Macquarie Investment Manager, Macquarie Super and Pension Manager
Ibbotson Intl Bonds Active Hedged Trust netwealth Investment Wrap, netwealth Super Wrap
JPMorgan Global Strategic Bond Fund BT SuperWrap, CFS First Wrap
Kapstream Wholesale Absolute Ret Inc Fd Macquarie Accumulator
Kapstream WS Plus Absolute Ret Inc Fd BT SuperWrap
Legg Mason Brandywine Glbl Opp Fix Inc I BT SuperWrap
Macquarie Enhanced Aus Fixed Interest Macquarie Investment Manager
Macquarie Income Opportunities BT SuperWrap, CFS First Wrap, Macquarie Accumulator, Macquarie Investment Manager, Macquarie Super and Pension Manager
Payden Global Income Opportunities Macquarie Investment Manager, Macquarie Super and Pension Manager
Perennial Tactical Income Trust Macquarie Accumulator
Perpetual Dynamic Fxd Inc Perpetual Wealthfocus Pension, Perpetual WealthFocus Super Plan
PIMCO EQT Wh Uncons Bond B Macquarie Investment Manager, Macquarie Super and Pension Manager
PIMCO EQT Wh Uncons Bond C BT SuperWrap
Realm High Income - Wholesale BT Investment Wrap, BT SuperWrap, Macquarie Investment Manager
Schroder WS Plus Fixed income Fund BT SuperWrap
UBS WS Plus Australian Bond Fund BT SuperWrap
Vanguard Aust Corporate Fixed Interest BT Investment Wrap, BT SuperWrap
Vanguard Australian Govt Bd Idx netwealth Investment Wrap, netwealth Super Wrap
Vanguard Australian Infl-Lnkd Bond Idx netwealth Investment Wrap
Vanguard Diversified Bond Index BT SuperWrap, Macquarie Investment Manager, Macquarie Super and Pension Manager
Vanguard Int Credit Securities Idx Hdgd Macquarie Accumulator
International Equity EQT International Equity BT SuperWrap, Macquarie Investment Manager, Macquarie Super and Pension Manager
90 West Global Natural Resources BT SuperWrap, Macquarie Investment Manager, Macquarie Super and Pension Manager
Aberdeen Emerging Opportunities Macquarie Accumulator
Aberdeen WS Plus Actively Hdg Intern BT SuperWrap
Advance International Share Index W BT SuperWrap
BT Fidelity WS Plus Global Equities BT Investment Wrap, BT SuperWrap
BT Global Emerging Markets Opportunit WS CFS First Wrap
BT Lazard WS Plus Emerging Markets Eq BT Investment Wrap, BT SuperWrap
BT Multi-Manager Intl Shr Retail BT Investment Wrap
BT Walter Scott WS Plus Global Equity BT Investment Wrap, BT SuperWrap
BT WS Plus Core Global Share Fund BT SuperWrap
BT WS Plus Global Emerging Markets Opp BT Investment Wrap, BT SuperWrap
? 16 © 2015 Morningstar, Inc. All rights reserved.
Morningstar Australian Asset Flows – March Quarter 2015
Appendix 2 (cont'd)
Table 2 – Platform Product Additions
A list of platform product additions and removals is available in Morningstar Direct™ Asset Flows – Workspace.
Fund Name Platform Name
CFS FC-Sanlam W Mgd Risk Glb Shr CFS First Wrap
CFS W Wrldwide Sustainabty CFS FirstChoice Wholesale Pension, CFS FirstChoice Wholesale Personal Super
CFS Wholesale Geared Global Share BT SuperWrap, CFS First Wrap, Macquarie Investment Manager, Macquarie Super and Pension Manager
CFS Wrldwide Sustainabty CFS FirstChoice Investments, CFS FirstChoice Pensions, CFS FirstChoice Personal Super
Fidelity Global Demographics BT SuperWrap
Fidelity Hedged Global Equities BT SuperWrap
Ibbotson Intl Shares Passive Hedged Tr netwealth Investment Wrap, netwealth Super Wrap
Ibbotson Intl Shares Passive Unhedged Tr netwealth Investment Wrap, netwealth Super Wrap
Insync Global Dividend Growth CFS First Wrap
Invesco WS Global Opportunities-Class A netwealth Investment Wrap, netwealth Super Wrap
Macquarie Asia New Stars No.1 Fund Macquarie Accumulator
Magellan Global (Hedged) BT SuperWrap, CFS First Wrap, Macquarie Investment Manager, Macquarie Super and Pension Manager
Magellan High Conviction BT SuperWrap, CFS First Wrap, Macquarie Accumulator, Macquarie Investment Manager, Macquarie Super and Pension Manager
MFS Concentrated Global Equity Trust W Macquarie Accumulator, Macquarie Investment Manager, Macquarie Super and Pension Manager, netwealth Investment Wrap
MFS Global Growth Equity Trust Macquarie Investment Manager, Macquarie Super and Pension Manager
Morphic Global Opportunities BT SuperWrap, Macquarie Investment Manager
Pan-Tribal Global Equity Fund CFS First Wrap
Partners Group Global Value (AUD) W BT SuperWrap, Macquarie Investment Manager, Macquarie Super and Pension Manager
Perpetual Global Share Fund - Class A BT Investment Wrap, BT SuperWrap
Peters MacGregor Global BT Investment Wrap, BT SuperWrap
Platinum International Healthcare CFS First Wrap, Macquarie Investment Manager, Macquarie Super and Pension Manager
PM Capital Emerging Asia Macquarie Investment Manager, Macquarie Super and Pension Manager
Polaris Global Equity Fund Macquarie Investment Manager, Macquarie Super and Pension Manager
Robeco Emerging Conservative Equity AUD BT SuperWrap
Sanlam Mgd Risk Glb Shr CFS FirstChoice Investments, CFS FirstChoice Pensions, CFS FirstChoice Personal Super
Sanlam W Mgd Risk Glb Shr CFS FirstChoice Investments, CFS FirstChoice Wholesale Pension, CFS FirstChoice Wholesale Personal Super
T. Rowe Price WS Plus Global Eq Fd BT SuperWrap
Tempo Global Equities Fund Macquarie Investment Manager
Threadneedle Global Equity Income Unhdgd CFS First Wrap
Vanguard Int Small Companies Index Hdgd Macquarie Accumulator
Wingate Wholesale Plus Global Equity Fd BT SuperWrap
Zurich Investments Global Growth Macquarie Investment Manager, Macquarie Super and Pension Manager
Zurich Investments Unhedged Global Gr Macquarie Investment Manager, Macquarie Super and Pension Manager, netwealth Investment Wrap, netwealth Super Wrap
Multialternative CFS FC W Inv-FirstChoice W Alternatives CFS First Wrap
HFA Diversified Investments HW units BT SuperWrap, Macquarie Investment Manager, Macquarie Super and Pension Manager
Ibbotson Diversified Alternatives Trust CFS First Wrap
Ironbark Global Diversified Alternatives CFS First Wrap
Man Diversified Alternatives BT SuperWrap
Neuberger Berman Abs Return Multi Strat BT Investment Wrap, BT SuperWrap, Macquarie Investment Manager
SLI Global Absolute Return Strategies Tr BT SuperWrap, Macquarie Investment Manager, Macquarie Super and Pension Manager
? 17 © 2015 Morningstar, Inc. All rights reserved.
Morningstar Australian Asset Flows – March Quarter 2015
Appendix 2 (cont'd)
Table 2 – Platform Product Additions
A list of platform product additions and removals is available in Morningstar Direct™ Asset Flows – Workspace.
Fund Name Platform Name
Multisector Allan Gray Australia Opportunity BT SuperWrap, CFS First Wrap, Macquarie Investment Manager, Macquarie Super and Pension Manager
AMP Capital Australian Dynamic Markets A netwealth Investment Wrap, netwealth Super Wrap
BMO Pyrford Global Absolute Return BT Investment Wrap, BT SuperWrap
BT Cons Outlook WS BT SuperWrap, Macquarie Investment Manager, Macquarie Super and Pension Manager
BT Magellan Wholesale Plus Global BT Investment Wrap, BT SuperWrap
CFS FC Multi-Index Balanced Class A BT SuperWrap
CFS FC Multi-Index Conservative Class A BT SuperWrap
CFS FC Multi-Index Diversified Class A BT SuperWrap
CFS FC WS Inv-Perpetual Split Growth CFS First Wrap
CFS FC-Sanlam W Mg Ris M-I Hi Gro CFS First Wrap
CFS Multi-Asset Real Return - Class A CFS First Wrap
Dimensional Multi-Factor Equity Trust Macquarie Accumulator, Macquarie Investment Manager, Macquarie Super and Pension Manager
FC M-Index Moderate CFS FirstChoice Investments, CFS FirstChoice Pensions, CFS FirstChoice Personal Super
FC M-Index Moderate Sel CFS FirstChoice Employer Super
FC M-Index W Moderate CFS FirstChoice Wholesale Pension, CFS FirstChoice Wholesale Personal Super
FirstChoice Diversified CFS FirstChoice Investments, CFS FirstChoice Pensions, CFS FirstChoice Personal Super
FirstChoice Diversified Sel CFS FirstChoice Employer Super
FirstChoice W Diversified CFS FirstChoice Wholesale Investments
FirstChoice W Multi-Idx Mod CFS FirstChoice Wholesale Investments
ING Tax Effective Income-Wholesale CFS First Wrap
Invesco W Protected Growth netwealth Investment Wrap, netwealth Super Wrap
MLC Wholesale Inflation Plus - Conserv Macquarie Investment Manager, Macquarie Super and Pension Manager
MLC Wholesale Inflation Plus - Moderate Macquarie Investment Manager, Macquarie Super and Pension Manager
OnePath OA IP-ING Tax Effective Inc EF Macquarie Investment Manager, Macquarie Super and Pension Manager
Optimix WS-Balanced Macquarie Accumulator
Optimix WS-Conservative A CFS First Wrap
Optimix WS-Growth A CFS First Wrap
Optimix WS-Moderate A CFS First Wrap
Perpetual Dvrsfd Real Rt Perpetual WealthFocus Investment Adv, Perpetual Wealthfocus Pension, Perpetual WealthFocus Super Plan
Pro-D High Growth CFS First Wrap
Sanlam Mg Risk M-I Hi Gro CFS FirstChoice Pensions, CFS FirstChoice Personal Super
Sanlam Mgd Rk M-I Hi Gro CFS FirstChoice Investments
Sanlam W Mg Ris M-I Hi Gro CFS FirstChoice Investments, CFS FirstChoice Wholesale Pension, CFS FirstChoice Wholesale Personal Super
SSgA Retirement Lifestyle Builder Strat BT Investment Wrap, BT SuperWrap
UBS Tactical Beta Fund - Balanced Macquarie Investment Manager, Macquarie Super and Pension Manager
UBS Tactical Beta Fund - Conservative Macquarie Investment Manager, Macquarie Super and Pension Manager
UBS Tactical Beta Fund - Growth Macquarie Investment Manager, Macquarie Super and Pension Manager
Multisector Lifestages 1940's Lifestage Fund - A BT Investment Wrap, BT SuperWrap
1950's Lifestage Fund - A BT Investment Wrap, BT SuperWrap
1960's Lifestage Fund - A BT Investment Wrap, BT SuperWrap
1970's Lifestage Fund - A BT Investment Wrap, BT SuperWrap
1980's Lifestage Fund - A BT Investment Wrap, BT SuperWrap
1990's Lifestage Fund - A BT Investment Wrap, BT SuperWrap
2000's Lifestage Fund - A BT Investment Wrap, BT SuperWrap
? 18 © 2015 Morningstar, Inc. All rights reserved.
Morningstar Australian Asset Flows – March Quarter 2015
Appendix 2 (cont'd)
Table 2 – Platform Product Additions
A list of platform product additions and removals is available in Morningstar Direct™ Asset Flows – Workspace.
Fund Name Platform Name
Other Aurora Dividend Income Trust Macquarie Investment Manager, Macquarie Super and Pension Manager, netwealth Investment Wrap, netwealth
Super Wrap
Perpetual Pure Equity Alpha BT SuperWrap, Macquarie Accumulator, Macquarie Investment Manager, Macquarie Super and Pension Manager
AQR Wholesale Managed Futures 1P BT SuperWrap, Macquarie Investment Manager, Macquarie Super and Pension Manager
BT Man AHL Wholesale Plus Alpha (AUD) BT Investment Wrap, BT SuperWrap
BT Pure Alpha Fixed Income BT SuperWrap
Challenger GIF 4.50 cents pa 30 Jun 2016 BT SuperWrap, CFS First Wrap, Macquarie Investment Manager, Macquarie Super and Pension Manager
Challenger GIF 4.55 cents pa 30 Sep 2017 BT SuperWrap, CFS First Wrap
Challenger GIF 4.85 cents pa 30 Sep 2018 BT SuperWrap, CFS First Wrap
Challenger GIF 5.15 cents pa 31 Mar 2020 BT SuperWrap, CFS First Wrap
Ellerston Australian Market Neutral BT SuperWrap, Macquarie Accumulator, Macquarie Investment Manager, Macquarie Super and Pension Manager
FirstChoice WS Geared Growth Plus CFS First Wrap
Invesco WS Global Targeted Returns BT Investment Wrap, BT SuperWrap, Macquarie Investment Manager, Macquarie Super and Pension Manager, netwealth Investment Wrap, netwealth Super Wrap
K2 Wholesale Plus Australian Absolute Re BT SuperWrap
Macquarie Int Infrastructure Secs Unhdgd BT SuperWrap
Macquarie Step XI - S&P/ASX 200 Index Macquarie Investment Manager
Magellan Infrastructure (Unhedged) BT SuperWrap, CFS First Wrap, Macquarie Investment Manager, Macquarie Super and Pension Manager
Man AHL Alpha (AUD) netwealth Investment Wrap, netwealth Super Wrap
Man OM-IP 130 Plus Limited Macquarie Investment Manager
Man OM-IP 140 Plus (AUD) Limited Macquarie Investment Manager
Man OM-IP 3AHL Limited Macquarie Investment Manager
Man OM-IP Eclipse Limited Macquarie Investment Manager
Man OM-IP Strategic Limited Macquarie Investment Manager
Man Series 11 OM-IP 220 Limited Macquarie Investment Manager
Man Series 8 OM-IP 220 Limited Macquarie Investment Manager
Man Series 9 OM-IP 220 Limited Macquarie Investment Manager
Odey International Fund BT Investment Wrap, BT SuperWrap, Macquarie Investment Manager, Macquarie Super and Pension Manager
Pengana Asia Special Events Macquarie Investment Manager, Macquarie Super and Pension Manager
Plato Australian Shares Inc Fd BT Investment Wrap, BT SuperWrap, Macquarie Investment Manager, Macquarie Super and Pension Manager
Plato Australian Shares Income Macquarie Accumulator
PM Capital Global Equity Income CFS First Wrap, netwealth Investment Wrap, netwealth Super Wrap
RARE Infrastructure Value Unhedged CFS First Wrap
RARE Infrastructure WS Plus Val Fd Hg BT SuperWrap
RARE Infrastructure WS Plus Val Unhdg BT SuperWrap
Russell Global Listed Infra $A Hdg BT SuperWrap
SLI Absolute Return Global Bond Str Macquarie Investment Manager, Macquarie Super and Pension Manager
Supervised High Yield Macquarie Investment Manager
Triple3 Volatility Advantage Class A Macquarie Investment Manager, Macquarie Super and Pension Manager, netwealth Investment Wrap, netwealth Super Wrap
Winton Global Alpha Macquarie Accumulator
? 19 © 2015 Morningstar, Inc. All rights reserved.
Morningstar Australian Asset Flows – March Quarter 2015
Appendix 2 (cont'd)
Table 2 – Platform Product Additions
A list of platform product additions and removals is available in Morningstar Direct™ Asset Flows – Workspace.
Fund Name Platform Name
Property Advance Australia Property Sec Index W BT SuperWrap
APN WS Plus AREIT Fund BT SuperWrap
Aust Unity Wholesale Healthcare Property netwealth Investment Wrap, netwealth Super Wrap
BT WS Plus Global Property Securities Fd BT SuperWrap
BT WS Plus Property Securities Fund BT SuperWrap
Centric DHA Residential Property Fund Macquarie Investment Manager
Charter Hall Direct Industrial No.2 - W Macquarie Investment Manager
Charter Hall Direct Industrial No.3 W BT SuperWrap, Macquarie Investment Manager
Charter Hall Direct Office Wholesale A Macquarie Investment Manager
Charter Hall Direct Property Wholesale Macquarie Investment Manager
Charter Hall Direct VA Trust Macquarie Investment Manager
Charter Hall Direct Workzone Trust Ws Macquarie Investment Manager
Cromwell Direct Property Macquarie Investment Manager
Cromwell Phoenix Core Listed Property netwealth Investment Wrap, netwealth Super Wrap
EQT SGH Wholesale Prop Income Macquarie Investment Manager, Macquarie Super and Pension Manager
Freehold AREITs & Listed Infrastructure BT SuperWrap
Maxim Property Securities Macquarie Investment Manager, netwealth Investment Wrap
Presima Global Property Sec Concentrated Macquarie Investment Manager, Macquarie Super and Pension Manager
RREEF Paladin Property Securities BT SuperWrap, CFS First Wrap, Macquarie Accumulator, Macquarie Investment Manager, Macquarie Super and Pension Manager
? 20 © 2015 Morningstar, Inc. All rights reserved.
Morningstar Australian Asset Flows – March Quarter 2015
Appendix 3
Table 3 – Listed Investment Companies (LICs)
Rank LIC Name Fund Size $m Mar 2015 Market Share (%)
1 Australian Foundation InvesCo Ord 6,866 24.4
2 Argo Ord 5,287 18.8
3 Milton Corporation Ord 2,984 10.6
4 Australian United Ord 1,000 3.6
5 BKI Investment Company Ord 991 3.5
6 Carlton Ord 929 3.3
7 WAM Capital Ord 851 3.0
8 Diversified United Ord 817 2.9
9 Djerriwarrh Ord 809 2.9
10 Magellan Flagship Fund Ord 751 2.7
Other 6,838 24.3
Total 28,122 100
Appendix 4
Table 4 – Multi-Manager Net Assets
Multi-Manager Net Assets Mar-15 ($m) Quarter Change ($m) Annual Change ($m)
MLC/Jana/Plum 90,350 5,699 14,404
AMPCI 28,166 1,737 3,289
Russell Multi-Manager Funds 26,778 1,253 980
Colonial First State FirstChoice 24,148 1,717 1,866
BT Financial Group/Advance 20,226 418 2,744
ipac/AXA 19,565 1,414 2,996
IOOF Group 10,187 408 1,031
OnePath Optimix 8,167 81 -1,208
Ibbotson Associates 3,968 291 532
Aon MT 2,692 170 380
MBF ClearView 1,245 26 -23
Suncorp WealthSmart 976 62 91
Navigator Australia 426 13 -26
Australian Unity 146 3 2
Total 237,041 13,292 27,059
? 21 © 2015 Morningstar, Inc. All rights reserved.
Morningstar Australian Asset Flows – March Quarter 2015
Appendix 21
Table 5 – APRA Superannuation Total Assets (June 2013)
Jun-04 Jun-05 Jun-06 Jun-07 Jun-08 Jun-09 Jun-10 Jun-11 Jun-12 Jun-13
Net contribution flows ($mn) 38,353 41,347 57,990 131,522 58,888 57,481 48,183 50,204 52,652 46,824
Total assets ($mn) 546,719 634,894 751,393 904,180 1,172,758 1,129,697 1,063,237 1,190,336 1,336,454 1,399,200
Source: APRA Annual Superannuation Bulletin June 2013, Table 7. Retrieved from http://www.apra.gov.au/Super/Publications/Pages/annual-superannuation-publication.aspx
Table 6 – APRA Superannuation Distribution of Entities (June 2013)
Fund Type Number of Entities Number of Member Accounts ('000) Assets ($billion) Average Account Balance ('$000)
Corporate 108 512.0 61.3 119.7
Industry 52 11,524.0 324.7 28.2
Public sector 38 3,337.0 256.9 77.0
Retail 127 14,395.0 422.8 29.4
Small (incl SMSF) 512,375 968.0 508.0 524.9
Balance of life office statutory funds 45.4 Total 512,700 30,736.0 1,619.0
Pooled superannuation trusts 61 99.4 Pooled superannuation trusts (PSTs) are not included in total assets as their assets are captured in other superannuation entity categories. Source: APRA Annual Superannuation Bulletin June 2013, Key Statistics. Retrieved from http://www.apra.gov.au/Super/Publications/Pages/annual-superannuation-publication.aspx
Table 7 – APRA Superannuation Asset Allocation of Default Strategy (June 2013)
Asset Class Corporate (%) Industry (%) Public sector (%) Retail (%) Total (%) Assets ($mn)
Australian shares 30.0 29.0 22.0 26.0 26.0 123,462
International shares 28.0 25.0 27.0 22.0 25.0 116,204
Listed property 1.0 1.0 4.0 4.0 2.0 10,766
Unlisted property 7.0 10.0 6.0 2.0 7.0 33,554
Australian fixed interest 14.0 6.0 7.0 15.0 9.0 39,722
International fixed interest 6.0 5.0 7.0 7.0 6.0 27,575
Cash 6.0 6.0 9.0 14.0 8.0 38,034
Other assets 8.0 19.0 18.0 9.0 16.0 76,811
Total 100.0 100.0 100.0 100.0 100.0 466,129
Source: APRA Annual Superannuation Bulletin June 2013, Table 18. Retrieved from http://www.apra.gov.au/Super/Publications/Pages/annual-superannuation-publication.aspx
Table 8 – APRA Superannuation Manner of Investment (March 2015)
(Industry, retail, public sector and corporate) Assets – Investments ($mn) %
Directly held 486,225 36
Cash management trust 2,073 0
Life company 196,815 15
Listed retail trust 26,714 2
Pooled superannuation trust 126,774 9
Unlisted retail trust 119,811 9
Wholesale trust 320,681 24
Other indirect investment 68,984 5
Total 1,348,077 100
Source: APRA Quarterly Superannuation Performance March 2015, Table 1b. Retrieved from http://www.apra.gov.au/Super/Publications/Pages/quarterly-superannuation-performance.aspx
? 22 © 2015 Morningstar, Inc. All rights reserved.
Morningstar Australian Asset Flows – March Quarter 2015
Appendix 6
Table 9 – APRA Superannuation Fund Level (June 2014)
Fund Name
Fund Type
Net
Assets
($m)
Net Annual
Contribution
Flows ($m)
Number of
Members
# of
Options
Growth
Assets (%)
in Default
Strategy*a
Income
Assets (%)
in Default
Strategy*a
Proportion
of assets
(%) in
Default
Strategy a
Public
Offer?
Benefit
Structure a
AustralianSuper Industry 80,014 5,912 2,120,160 35 64 18 72.5 Yes Hybrid
Colonial First State FirstChoice Superannuation Trust Retail 58,993 2,469 770,439 696 78 16 0.3 Yes Accumulation
State Public Sector Superannuation Scheme Public Sector 51,900 3,004 538,921 27 39 40 53.9 No Hybrid
AMP Superannuation Savings Trust Retail 51,760 -10,849 2,408,513 312 75 21 15.8 Yes Hybrid
Retirement Wrap Retail 48,799 3,568 824,458 5403 64 19 5.4 Yes Hybrid
First State Superannuation Scheme Public Sector 47,465 2,283 779,223 25 61 22 60.7 Yes Hybrid
Unisuper Industry 44,223 1,583 471,520 15 69 25 22.8 No Hybrid
The Universal Super Scheme Retail 42,256 671 1,171,162 494 63 25 27.3 Yes Accumulation
Retail Employees Superannuation Trust Industry 34,202 2,366 2,051,560 26 64 17 85.4 Yes Hybrid
OnePath Masterfund Retail 32,370 585 1,105,742 336 64 27 9.4 Yes Hybrid
Sunsuper Superannuation Fund Industry 30,140 2,517 1,139,935 40 62 17 68.6 Yes Hybrid
Health Employees Superannuation Trust Australia Industry 28,858 1,820 800,257 20 63 13 79.2 Yes Accumulation
Construction & Building Unions Superannuation Industry 27,572 1,555 722,727 9 62 18 99.1 Yes Accumulation
Wealth Personal Superannuation and Pension Fund Retail 21,923 2,577 174,252 4267 66 23 7.1 Yes Accumulation
ASGARD Independence Plan Division Two Retail 19,288 326 345,612 1162 53 29 30.4 Yes Accumulation
Mercer Super Trust Retail 18,705 -465 226,192 153 71 23 42.1 Yes Hybrid
IOOF Portfolio Service Superannuation Fund Retail 16,764 1,073 373,793 3417 42 49 7.5 Yes Hybrid
Public Sector Superannuation Scheme Public Sector 16,614 -66 233,612 2 72 13 99.3 No Defined benefit
Plum Superannuation Fund Retail 16,513 2,090 159.205 91 68 16 30.6 Yes Hybrid
Telstra Superannuation Scheme Corporate 16,083 243 104,996 11 75 13 23.1 Yes Hybrid
MLC Superannuation Fund Retail 15,794 -374 87,042 1919 0 100 10.0 Yes Accumulation
HOSTPLUS Superannuation Fund Industry 15,683 1,245 1,006,331 20 71 8 87.2 Yes Accumulation
State Super Retirement Fund Retail 13,587 955 54,444 38 50 46 28.3 Yes Accumulation
Victorian Superannuation Fund Public Sector 13,471 833 240,465 9 85 15 47.4 Yes Hybrid
Macquarie Superannuation Plan Retail 13,085 670 74,222 2490 0 100 11.6 Yes Accumulation
AMP Retirement Trust Retail 11,965 11,108 245,524 218 - - - Yes Accumulation
Catholic Superannuation Fund Industry 11,104 222 70,950 13 62 14 59.4 Yes Accumulation
Care Super Industry 10,370 450 259,363 13 60 21 68.2 Yes Accumulation
Auscoal Superannuation Fund Industry 9,021 464 75,529 26 49 29 59.2 Yes Hybrid
Commonwealth Bank Group Super Corporate 8,983 473 74,066 13 63 30 38.4 No Hybrid
Local Government Superannuation Scheme Public Sector 8,667 230 86,265 14 68 12 48.6 No Hybrid
MTAA Superannuation Fund Industry 7,644 161 266,880 14 57 14 79.5 Yes Accumulation
Qantas Superannuation Plan Corporate 7,223 -107 33,494 7 61 40 66.5 No Hybrid
Australia Post Superannuation Scheme Public Sector 7,151 -97 41,790 2 0 100 13.9 No Hybrid
Local Authorities Superannuation Fund Public Sector 6,918 813 98,325 9 60 16 41.7 No Hybrid
equipsuper Industry 6,595 124 341,059 23 67 20 26.8 Yes Hybrid
Public Sector Superannuation Accumulation Plan Public Sector 6,414 980 241,022 9 72 13 86.5 No Accumulation
Suncorp Master Trust Retail 6,409 -104 69,111 199 37 60 7.4 Yes Accumulation
Australian Catholic Superannuation and Retirement Fund Industry 6,176 275 92,995 22 57 16 68.7 Yes Accumulation
NGS Super Industry 6,132 240 104,322 12 67 19 63.3 Yes Hybrid
Other 198,094 3,169 8,500,133 Total 1,094,928 44,992 28,376,812
* Growth Assets in default strategy includes Australian and international equity, listed and unlisted property and other.
Income Assets in default strategy includes Australian and international fixed income and cash.
More detailed asset allocation breakdown is available on the APRA website. a Data as at June 2013
Source: APRA Superannuation Fund-level Profiles and Financial Performance June 2014 (interim), http://www.apra.gov.au/Super/Publications/Pages/superannuation-fund-level-publications.aspx
? 23 © 2015 Morningstar, Inc. All rights reserved.
Morningstar Australian Asset Flows – March Quarter 2015
Appendix 23
Table 10 – Recent Mergers and Acquisitions
Affected Entities Date Event
Aurora Funds Management Limited, Keybridge Capital Limited Mar-15 Keybridge Capital Limited has acquired Aurora Funds Management Limited, a wholly-owned subsidiary of
Aurora Funds Limited.
Cromwell Property Group, Valad Europe Jan-15 Cromwell Property Group has acquired Valad Europe.
Neuberger Berman Dec-14 Neuberger Berman has become 100% employee owned.
Treasury Group, Northern Light Capital Group Nov-14 Treasury Group has mergered with Northern Lights Capital.
Tyndall Investment Management, Nikko Asset Management Sep-14 Following Nikko AM's acqusition of Tyndlal Investment Management in March 2011, Tyndall Investment
Management will be known as Nikko AM Limited going forward.
OneVue, Select Asset Management Aug-14 OneVue has acquired Select Asset Management and Select Investment Partners.
IOOF Group, SFG Australia Aug-14 IOOF Group has acquired SFG Australia.
Equity Trustees, ANZ Trustees Jul-14 Equity Trustees has acquired ANZ Trustees.
Legg Mason, Martin Currie Jul-14 Legg Mason Inc. has acquired Martin Currie.
Challenger, Access Capital Advisers Apr-14 Challenger Group and Access Capital Advisers have merged the infrastructure investment operations.
Aberdeen Asset Management, Scottish Widows Investment
Partnership
Apr-14 Aberdeen Asset Management has acquired Scottish Widows Investment Partnership.
Blue Sky Alternative Investments, Investment Science Mar-14 Blue Sky Alternative Investments has acquired Investment Science Pty Ltd.
Ausbil Dexia, New York Life Investment Feb-14 New York Life Investments has acquired Dexia Asset Management, which includes Australian business Ausbil
Dexia.
Westpac Group, Lloyds Banking Group Jan-14 Westpac has acquired Lloyds Banking Group’s Australian asset finance business Capital Finance Australia and
corporate loan portfolio BOS International.
Perpetual, The Trust Company Dec-13 Perpetual Limited has acquired The Trust Company Limited.
Nikko Asset Management, Treasury Asia Asset Management Oct-13 Nikko Asset Management, the parent company of Tyndall AM, has acquired Treasury Asia Asset Management.
Deutsche Asset Management (Aus), Ironbark Asset Management Jun-13 Ironbark Asset Management has acquired Deutsche Asset Management (DAMAL).
Care Super, Asset Super Dec-12 Care Super and Asset Super have merged.
IOOF, Plan B Oct-12 IOOF Holdings has acquired Plan B Group Holdings.
BNP Paribas, MFS Investment Management Sep-12 The distribution agreement between MFS Investment Management and BNP Paribas has ended. MFS
Investment Management reports separate TAUM from the September 2012 quarter.
Challenger, MIR Investment Management May-12 Challenger Group has acquired MIR Investment Management.
Denison Funds Management, Viento Property Jun-12 Denison Funds Management has acquired Viento Property.
Man Group, FRM Australia May-12 Man Group has acquired FRM Australia. Man Group currently does not provide TAUM data.
Orbis Investment Management, Allan Gray Australia Apr-12 Orbis Investment Management has split TAUM data between Orbis Investment Advisory Pty Ltd and Allan
Gray Australia Pty Ltd, following a rebranding of the Orbis company behind their Australian Equity strategy as
Allan Gray Australia Pty Ltd.
Appendix 8
Table 11 – Asset Class Returns (31 March 2015)
Aust. Equity
(%)
Small Caps
(%)
Intl. Equity
(%)
A-REITS
(%)
Global REITS (H)
(%)
Aust. Fixed
Interest (%)
Intl. Fixed Interest
(H) (%)
Cash
(%)
Emerging
Markets (%)
Infrastructure
(H) (%)
3-months 10.3 7.3 9.6 9.2 6.9 2.7 2.6 0.6 9.6 4.4
6-months 13.8 3.1 18.5 21.6 20.5 6.7 5.5 1.3 12.0 8.8
1 year 14.1 2.3 29.1 34.4 28.0 11.1 10.3 2.6 22.3 18.1
Aust. Equity – S&P/ASX 200 TR
Small Caps – S&P/ASX Small Ordinaries TR
Intl. Equity – MSCI World Ex Australia NR AUD
A-REITs – S&P/ASX 300 A-REITs (H)
Global REITS (H) – UBS Global Investors Ex AUS NR Hdg AUD Aust.
Fixed Interest – Bloomberg AusBond Composite 0+ Yr TR AUD
Intl. Fixed Interest (H) – BarCap Global Aggregate TR Hdg AUD
Cash – RBA Bank Accepted Bills 90 Days
Emerging Markets – MSCI EM GR AUD
Infrastructure (H) – S&P Global Infrastructure NR Hdg AUD