ANALYSIS


CONSOLIDATED ASSETS

By type of institution

At 31 March 2010, consolidated assets of superannuation funds were $877.9b, up $31.5b (4%) on the December 2009 figure. The consolidated assets of public unit trusts were $262.3b, an increase of $2.9b (1%); the consolidated assets of cash management trusts were $35.8b, a decrease of $1.7b (4%); and consolidated assets of common funds were $6.8b, a decrease of $0.1b (1%). The consolidated assets of life insurance offices and friendly societies remained virtually the same at $181.8b and $3.5b respectively.

By type of asset

The asset types to increase for the quarter were equities and units in trusts, $17.4b (3%); assets overseas, $11.1b (5%); land and buildings, $2.8b (2%); long term securities, $1.4b (2%); loans and placements, $0.8b (2%); and cash and deposits, $0.5b (0.3%). The asset types to decrease were short term securities, $1.4b (1%) and other assets, $0.1b (0.2%).


Cross investment

The table below presents the unconsolidated, cross-invested and consolidated assets of managed funds by type of fund as at 31 March 2010.

	Unconsolidated assets	Cross- invested assets	Consolidated assets
Type of fund	$m	$m	$m
Life insurance offices	231 748	49 929	181 819
Superannuation funds	1 057 382	179 532	877 850
Public unit trusts	301 218	38 955	262 263
Friendly societies	6 769	3 221	3 548
Common funds	7 786	1 033	6 753
Cash management trusts	35 828	-	35 828
Total	1 640 731	272 670	1 368 061
- nil or rounded to zero (including null cells)

UNCONSOLIDATED ASSETS

Life insurance offices

At 31 March 2010, total unconsolidated assets of life offices were $231.7b, an increase of $1.0b (0.4%) on the December quarter 2009 figure of $230.7b. The major increases were in equities and units in trust, $1.8b (1%), long term securities, $1.6b (6%) and assets overseas, $1.0b (9%). Partially offsetting these were decreases in cash and deposits, $2.9b (28%) and loans and placements, $0.3b (12%).

Superannuation funds

At 31 March 2010 total unconsolidated assets of superannuation funds held outside life offices was $1,057.4b, an increase of $37.1b (4%) on the December quarter 2009 figure of $1,020.3b. Major increases were recorded for equities and units in trusts, $17.8b (4%); assets overseas, $10.5b (6%); cash and deposits, $3.6b (2%); land and buildings, $2.8b (4%); and short term securities, $1.2b (2%). There was a small decrease in long term securities of $0.1b (0.2%).

Public unit trusts

At 31 March 2010, total unconsolidated assets for public unit trusts was $301.2b, an increase of $4.7b (2%) on the December quarter 2009 figure of $296.5b. The major increases were in equities and units in trusts, $5.9b (6%); and loans and placements, $1.1b (5%). These were offset by decreases in other financial assets, $1.5b (15%); and cash and deposits, $1.0b (12%)

Friendly societies

At 31 March 2010, total unconsolidated assets of friendly societies were $6.8b, down $0.1b (1%) on the December quarter 2009 figure of $6.9b. The main decrease was in short-term debt securities, down $0.1b (12%).

Common funds

At 31 March 2010, total unconsolidated assets of common funds were $7.8b, down $0.1b (1%) on the December quarter 2009 figure of $7.9b. The main movement was a decrease in cash and deposits of $0.1b (6%).

Cash management trusts

At 31 March 2010, the total unconsolidated assets of cash management trusts were $35.8b, down $1.7b (4%) on the December quarter 2009 figure of $37.5b. The major decreases were in short term securities, $2.3b (8%) and long term securities, $0.2b (14%). These were offset by an increase in cash and deposits of $1.0b (24%).


INVESTMENT MANAGERS

Source of funds under management

During the March quarter 2010 total funds under management was $1,156.9b, an increase of $18.3b (2%) on the December quarter 2009 figure of $1,138.6b.

The value of funds under management on behalf of superannuation funds increased $16.9b (4%); public unit trusts increased $1.4b (1%); and life insurance offices increased $0.3b (0.2%). These were offset by a decrease in funds sourced from cash management trusts of $1.6b (6%).

At 31 March 2010, the value of funds under management on behalf of sources other than managed funds was $319.4b, an increase of $2.8b (1%) on the December quarter 2009 figure of $316.7b. The largest increases were in funds under management on behalf of other trusts, $1.8b (1%) and from other sources, $2.0b (5%). These were offset by a decrease in funds sourced from government of $1.4b (2%).

The value of funds under management on behalf of overseas sources at 31 March 2010 was $52.2b, an decrease of $1.3b (3%) on the December quarter 2009 figure of $53.5b.