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5655.0 - Managed Funds, Australia, Dec 2003  
Previous ISSUE Released at 11:30 AM (CANBERRA TIME) 27/02/2004   
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December Key Figures

Dec Qtr 2002
Sep Qtr 2003
Dec Qtr 2003
Consolidated Assets
$m
$m
$m

Superannuation funds
292,485
323,368
330,624
Life insurance offices(a)
169,478
169,458
165,982
Other managed funds
179,445
187,793
192,649
Total
641,409
680,619
689,256

(a) Investments by superannuation funds which are held and administered by life insurance offices are included under life insurance offices.
See note on consolidation in explanatory notes, para 8

Total consolidated assets
Graph - Managed funds, Total consolidated assets



December Quarter Key Points

CONSOLIDATED ASSETS
  • Total consolidated assets of managed funds institutions was $689.3b at 31 December 2003, an increase of $8.6b (1%) from the revised September quarter 2003 figure. This increase mainly reflected increases in asset values for the quarter. During the December quarter 2003, the S&P/ASX 200 increased by 4%. The price of foreign shares (represented by the US S&P 500) increased by 12%, offset by a 10% appreciation of the $A against the $US. Domestic bond prices softened during the quarter with the 5 year Treasury Bond yield increasing by 0.5 percentage points.
  • Consolidated assets of superannuation funds, public unit trusts and cash management trusts experienced increases of $7.3b (2%), $4.8b (3%), and $0.2 (1%) respectively, while life insurance offices consolidated assets decreased by $3.5b (2%) due mainly to an increase in cross investment in units in trusts. Assets of common funds and friendly societies remained virtually the same.
  • The major asset movements for the quarter were in equities and units in trusts, up $4.6b (2%), land and buildings, up $4.0b (5%), cash and deposits, up $3.0b (6%) and long term securities, down $2.1b (3%).
  • Investment managers had $685.6b in funds under management, up $13.4b (2%) from the revised September quarter 2003 figure. They managed $465.9b (68%) of consolidated managed funds' assets.


Notes


CHANGES IN THIS ISSUE

Commencing with this issue, the 4 tables contained in the discontinued monthly electronic release Cash Management Trusts (cat. no. 5635.0.40.001) are included, on a quarterly basis, in the AusStats tables for this publication. As shown in the additional list of tables on AusStats on page 4, these tables are numbered 19a, 19b, 19c and 19d.


REVISIONS THIS ISSUE

There have been revisions in many series as a result of quality assurance work undertaken with data providers. In particular revisions have been made to: life insurance (revised back to March 1998 in respect of classification to financial instruments), and public unit trusts (revised back to June 2002 as a result of coverage checks).

In consultation with the Australian Prudential Regulatory Authority (APRA) and the Australian Taxation Office (ATO) total assets and the asset profile of small and medium superannuation funds has been adjusted and revised back to June 1999 to reflect analysis of the annual regulatory returns to ATO and APRA. The data for ATO regulated funds and small and medium APRA funds in this publication are consistent with the revised data published by APRA in September 2003 reference quarter edition of Super Trends (see www.apra.gov.au/statistics).


Rounding

Discrepancies may occur between sums of the component items and totals due to rounding.


Inquiries

For further information about these and related statistics, contact the National Information and Referral Service on 1300 135 070 or Judy Sykes on Canberra (02) 6252 5222.


Abbreviations
ABSAustralian Bureau of Statistics
bbillion (one thousand million)

MANAGED FUNDS: ADDITIONAL TABLES ON AUSSTATS

The tables below are available from the AusStats service on this website by selecting Time Series Spreadsheets and then Finance.
5a. Friendly societies, unconsolidated assets
5b. Friendly societies, liabilities
9a. Public unit trusts, total assets by type of trust
9b. Public unit trusts, total assets by type of asset
9c. Public unit trusts, liabilities and unit holders' funds
9d. Public unit trusts, financial operations
10a. Listed property trusts, assets
10b. Listed property trusts, liabilities and unit holders' funds
10c. Listed property trusts, financial operations
11a. Listed equity trusts, assets
11b. Listed equity trusts, liabilities and unit holders' funds
11c. Listed equity trusts, financial operations
12a. Listed mortgage trusts, assets
12b. Listed mortgage trusts, liabilities and unit holders' funds
12c. Listed mortgage trusts, financial operations
13a. Unlisted property trusts, assets
13b. Unlisted property trusts, liabilities and unit holders' funds
13c. Unlisted property trusts, financial operations
14a. Unlisted equity trusts, assets
14b. Unlisted equity trusts, liabilities and unit holders' funds
14c. Unlisted equity trusts, financial operations
15a. Unlisted mortgage trusts, assets
15b. Unlisted mortgage trusts, liabilities and unit holders' funds
15c. Unlisted mortgage trusts, financial operations
16a. Unlisted other trusts, assets
16b. Unlisted other trusts, liabilities and unit holders' funds
16c. Unlisted other trusts, financial operations
17a. Cash common funds, assets
17b. Cash common funds, liabilities
17c. Cash common funds, deposits and withdrawals
17d. Cash common funds, maturity and dissection of assets
18a. Non-cash common funds, assets
18b. Non-cash common funds, liabilities
18c. Non-cash common funds, deposits and withdrawals
19a. Cash management trusts, number of trusts, financial operations and yields
19b. Cash management trusts, liabilities
19c. Cash management trusts, assets - detailed components
19d. Cash management trusts, maturity dissection of assets


Analysis


Consolidated assets

By type of institution

At 31 December 2003, consolidated assets of superannuation funds was $330.6b, up $7.3b (2%) since September 2003. Consolidated assets of life insurance offices was $166.0b, down $3.5b (2%), public unit trusts was $149.4b, up $4.8b (3%). The consolidated assets of cash management trusts was $29.8b, up $0.2b (1%), common funds was $8.8b, down $0.1b (1%) and friendly societies was $4.5b, virtually unchanged since September 2003.

Graph - Managed Funds, by type of institution


By type of asset

During the quarter equities and units in trusts increased $4.6b (2%), land and buildings increased $4.0b (5%) and cash and deposits increased $3.0b (6%). There were decreases in long term securities of $2.1b (3%) and short term securities, $0.7b (1%).

Graph - Managed Funds, by type of asset


Cross investment

The table below presents the unconsolidated, cross-invested and consolidated assets of managed funds by type of fund as at 31 December 2003.

Unconsolidated assets
Cross- invested assets
Consolidated assets
Type of fund
$m
$m
$m

Life insurance offices
196,744
30,762
165,982
Superannuation funds
401,880
71,256
330,624
Public unit trusts
175,510
26,115
149,396
Friendly societies
6,148
1,622
4,526
Common funds
9,165
318
8,847
Cash management trusts
29,881
-
29,881
Total
819,328
130,072
689,256

- nil or rounded to zero (including null cells)


UNCONSOLIDATED ASSETS

Life insurance offices

At 31 December 2003, the total assets of life insurance offices stood at $196.7b, a decrease of $1.3b since September 2003. Major decreases were in short term securities of $1.2b (8%), long term securities of $0.6b (3%) and loans and placements of $0.4b (14%). Holdings of equities and units in trusts increased by $3.4b (3%), of which units in trusts increased by $6.7b (9%). Assets held overseas decreased by $2.7b (13%).

Graph - Managed Funds, Life insurance offices


Superannuation funds

The total assets of superannuation funds held outside of life offices was $401.8b at 31 December 2003, an increase of $11.0b (3%) since September 2003. Holdings of equities and units in trusts increased by $5.9b (3%), of which, units in trusts increased by $3.6b (6%) and private trading corporation shares increased by $1.9b (2%) while holdings of short term securities increased by $2.0b (9%). There was a decrease in holdings of long term securities of $1.4b (5%). Assets held overseas increased by $2.9b (4%).

Graph - Managed Funds, Superannuation funds
Public unit trusts

The total assets for public unit trusts was $175.5b at 31 December 2003, an increase of $5.3b (3%) since September 2003. The major increases were in land and buildings, up $4.6b (9%), and equities and units in trusts, up $1.2b (2%) on September 2003. There were decreases in long term securities of $0.3b (16%), short term securities of $0.6b (20%), and assets held overseas of $0.5b (2%).

Graph - Managed Funds, Public unit trusts


Friendly societies

Total assets of friendly societies was $6.1 billion at 31 December 2003, virtually unchanged since September 2003. At the end of the quarter, equities and units in trusts stood at $1.8b, long term securities at $1.2b and short term securities at $1.4b. Together they accounted for 72% of total assets.

Graph - Managed Funds, Friendly societies


Common funds

Total assets of common funds was $9.2b at 31 December 2003, a decrease of $0.1b (1%) since September 2003. The major decrease was a drop of $0.2b (6%) in short term securities. Short term securities accounted for 42% of total assets.

Graph - Managed Funds, Common funds
Cash management trusts

Total assets of cash management trusts was $29.9b at 31 December 2003, an increase of $0.2b (1%) since September 2003. Cash and deposits increased by $0.8b (29%) while short term securities decreased by $0.8b (4%). Long term securities increased by $0.5b (20%). Short term securities accounted for 78% of total assets

Graph - Managed Funds, Cash management trusts



Investment managers

Source of funds under management

During December quarter 2003 there was an increase in total funds under management by investment managers of $13.4b (2%), bringing the total funds under management to $685.6b.


The value of funds under management on behalf of superannuation funds increased by $3.5b (2%), and common funds increased by $0.7b (8%), while the value of funds under management on behalf of life insurance decreased $1.0b (1%).


During the quarter the value of funds under management on behalf of other sources increased $8.5b (4%). Of this, the largest increase was funds under management on behalf of trusts other than public unit trusts, $4.1b (5%). There were increases also in the value of funds under management on behalf of other investment managers, $2.1b (4%) and other sources, $2.2 (15%).


The value of funds under management on behalf of overseas sources increased to $19.1b following an $1.1b (6%) increase from the previous quarter.


Continuing merger activity has resulted in changed reporting arrangements for some fund managers. The ABS continues to work with the relevant fund managers to clarify these changes in reporting and assess their impact on the estimates.


The value of managed funds assets invested through investment managers was $465.9b at 31 December 2003, representing 68% of the consolidated assets of managed funds.


Graph - Managed Funds, Source of funds under management


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