5655.0 - Managed Funds, Australia, Dec 2012  
ARCHIVED ISSUE Released at 11:30 AM (CANBERRA TIME) 28/02/2013   
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ANALYSIS


MANAGED FUNDS INDUSTRY

At 31 December 2012, the managed funds industry had $2,026.4b funds under management, an increase of $65.5b (3%) on the September quarter 2012 figure of $1,960.9b. Increases were recorded in the consolidated assets of managed funds institutions, $49.3b (3%); funds managed by Australian investment managers on behalf of Australian entities other than managed funds institutions, $14.2b (4%); and funds managed by Australian investment managers on behalf of overseas investors, $2.3b (3%).

The following diagram shows the values of the Total Managed Funds Industry at 31 December 2012 and the relationships between the components of the industry:

Diagram: Managed funds industry


MANAGED FUNDS INSTITUTIONS

Consolidated assets of managed funds institutions

At 31 December 2012, the consolidated assets of managed funds institutions were $1,603.9b, an increase of $49.3b (3%) on the September quarter 2012 figure of $1,554.7b

Total Consolidated Assets
Graph: Total Consolidated Assets



Consolidated assets by types of asset

The asset types to increase during the December quarter 2012 were shares, $25.6b (6%); overseas assets, $10.3b (4%); short term securities, $4.2b (4%); units in trusts, $3.4b (2%); land, buildings and equipment, $2.5b (1%); bonds, etc., $2.5b (3%); loans and placements, $1.5b (4%); and other financial assets, $0.7b (2%). These were partially offset by decreases in deposits, $1.1b (0%); derivatives, $0.2b (14%); and other non-financial assets, $0.1b (0%).

The following chart shows the levels of the asset types of managed funds institutions at 31 December 2012.

Managed funds institutions assets
Graph: Managed funds institutions assets



UNCONSOLIDATED ASSETS

Life insurance corporations

At 31 December 2012, total unconsolidated assets of life insurance corporations were $246.0b, an increase of $2.3b (1%) on the September quarter 2012 figure of $243.7b.

Increases were recorded in units in trusts, $3.1b (2%); assets overseas, $0.6b (3%); deposits, $0.3b (2%); shares, $0.2b (1%); and bonds, etc., $0.1b (1%).

These were partially offset by decreases in short term securities, $0.7b (9%); land, buildings and equipment, $0.4b (22%); loans and placements, $0.3b (13%); other financial assets, $0.3b (8%); derivatives, $0.1b (25%); and other non-financial assets, $0.1b (3%).

Cross investment within life insurance corporations was $1.9b, which was flat compared to the previous quarter.

Net policy liabilities was $209.7b, an increase of $2.5b (1%) on the previous quarter.

Life Insurance Corporations
Graph: Life Insurance Corporations



Superannuation (pension) funds

At 31 December 2012, total unconsolidated assets of superannuation funds were $1,457.2b, an increase of $50.7b (4%) on the September quarter 2012 figure of $1,406.5b.

Increases were recorded in shares, $24.5b (6%); assets overseas, $11.1b (5%); units in trusts, $5.9b (4%); short-term securities, $5.3b (8%); net equity of pension funds in life office reserves, $2.4b (1%); bonds, etc., $2.2b (4%); land, buildings and equipment, $1.3b (1%); loans and placements, $0.6b (5%); and derivatives, $0.1b (1%).

These were partially offset by decreases in deposits, $1.7b (1%); and other financial assets, $0.8b (4%).

Other non-financial assets were flat.

Superannuation (Pension) funds
Graph: Superannuation (Pension) funds



Public offer (retail) unit trusts

At 31 December 2012, total unconsolidated assets of public offer (retail) unit trusts were $264.5b, an increase of $5.7b (2%) on the September quarter 2012 figure of $258.8b.

Increases were recorded in land, buildings and equipment, $1.7b (2%); units in trusts, $1.4b (2%); loans and placements, $1.3b (8%); other financial assets, $1.3b (19%); shares, $0.8b (3%); other non-financial assets, $0.6b (6%); and bonds, etc., $0.3b (6%).

These were partially offset by decreases in assets overseas, $1.3b (5%); short-term securities, $0.2b (5%); deposits, $0.1b (2%); and derivatives, $0.1b (9%).

Cross investment within public offer (retail) unit trusts was $28.3b, an increase of $0.6b (2%) compared to the previous quarter.

Public Offer Unit Trusts
Graph: Public Offer Unit Trusts



Friendly societies

At 31 December 2012, total unconsolidated assets of friendly societies were $5.9b. This was flat compared with September quarter 2012.

Friendly societies
Graph: Friendly societies



Common funds

At 31 December 2012, total unconsolidated assets of common funds were $7.8b, an increase of $0.1b (2%) on the September quarter 2012 figure of $7.7b.

Common funds
Graph: Common funds



Cash management trusts

At 31 December 2012, total unconsolidated assets of cash management trusts were $28.4b, a decrease of $0.2b (1%) on the September quarter 2012 figure of $28.6b.

Decreases were recorded in bonds, etc., $0.3b (17%); short term securities, $0.1b (1%); and units in trusts, $0.1b (5%). This was partially offset by an increase in deposits, $0.3b (3%). Other financial assets were flat compared to the previous quarter.

Cross investment within cash management trusts was $1.6b, a decrease of $0.1b (5%) on the previous quarter.

Cash management trusts
Graph: Cash management trusts



RESIDENT INVESTMENT MANAGERS

Source of funds under management

At 31 December 2012, total funds under management were $1,313.2b, an increase of $40.0b (3%) on the September quarter 2012 figure of $1,273.2b.

At 31 December 2012, the value of funds under management on behalf of managed funds institutions was $882.0b, an increase of $23.5b (3%) on the September quarter 2012 figure of $858.5b. An increase was recorded in superannuation funds, $24.5b (4%). Decreases were recorded in life insurance corporations, $0.6b (0%); cash management trusts, $0.4b (2%); and public offer (retail) unit trusts, $0.1b (0%). Friendly societies and common funds were flat.

At 31 December 2012, the value of funds under management on behalf of sources other than managed funds was $353.9b, an increase of $14.2b (4%) on the September quarter 2012 figure of $339.8b. Increases were recorded in funds under management on behalf of wholesale financial trusts, $7.7b (6%); national government, $4.6b (9%); non-government trading corporations, $1.0b (5%); general insurance, $1.0b (3%); other sources, $0.5b (2%); and other investment managers, $0.3b (4%). Decreases were recorded in state and local government, $0.8b (2%); and charities, $0.1b (6%). Government compensation schemes were flat.

The value of funds under management on behalf of overseas sources at 31 December 2012 was $77.3b, an increase of $2.3b (3%) on the September quarter 2012 figure of $75.0b.

Assets of managed funds, at 31 December 2012

Assets invested through resident investment managers
Assets invested directly
Unconsolidated assets of managed funds
$m
$m
$m

Life insurance corporations
160 721
85 300
246 021
Superannuation funds
586 025
871 125
1 457 151
Public offer unit trusts
112 910
151 575
264 485
Friendly societies
1 116
4 822
5 938
Common funds
4 027
3 793
7 820
Cash management trusts
17 245
11 163
28 408
Total
882 044
1 127 779
2 009 823