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5655.0 - Managed Funds, Australia, Mar 2008  
Previous ISSUE Released at 11:30 AM (CANBERRA TIME) 29/05/2008   
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ANALYSIS


CONSOLIDATED ASSETS

By type of institution

At 31 March 2008, consolidated assets of superannuation funds were $752.2b, down $49.7b (6%) on the revised December 2007 figure. Consolidated assets of public unit trusts were $272.1b, a decrease of $15.3b (5%); the consolidated assets of life insurance offices were $184.8b, a decrease of $17.1b (8%); while cash management trusts' consolidated assets increased by $0.7b (1%) to $46.2b. Common funds' and friendly societies' consolidated assets remained virtually unchanged at $11.6b and $4.1b, respectively.

Graph: Life insurance offices


By type of asset

The major asset movements for the quarter were equities and units in trusts, down $58.6b (10%), assets overseas, down $22.9b (8%), land and buildings, up $2.3b (2%) and cash and deposits, up $2.3b (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 2008.

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

Life insurance offices
235 335
50 573
184 762
Superannuation funds
908 026
155 873
752 153
Public unit trusts
305 322
33 204
272 118
Friendly societies
7 002
2 945
4 057
Common funds
12 186
596
11 590
Cash management trusts
46 210
-
46 210
Total
1 514 081
243 192
1 270 889

- nil or rounded to zero (including null cells)



UNCONSOLIDATED ASSETS

Life insurance offices

At 31 March 2008, the total unconsolidated assets of life insurance offices were $235.3b, a decrease of $20.8b (8%) on the revised December 2007 figure of $256.2b. Decreases were recorded in equities and units in trusts of $18.4b (9%), short term securities of $1.5b (13%), cash and deposits of $0.5b (9%) and other financial assets of $1.4b (39%). Offsetting these were increases in long term securities of $0.8b (4%) and other non-financial assets of $0.3b (18%).

Graph: Unconsolidated assets, Life insurance offices


Superannuation funds

The total unconsolidated assets of superannuation funds held outside of life offices was $908.0b at 31 March 2008, a decrease of $58.2b (6.0%) on the revised December 2007 figure of $966.2b. Major decreases were recorded for: equities and units in trusts of $44.8b (9.3%) and assets overseas of $16.5b (8%). These gains were partially offset by increases in cash and deposits of $3.1b (3%), and land and buildings of $2.1b (4.3%).

Graph: Unconsolidated assets, Superannuation funds


Public unit trusts

The total unconsolidated assets for public unit trusts was $305.3b at 31 March 2008, down $17.7b (2%) on the revised December 2007 figure of $323.0b. The major decreases were in equities and units in trusts, down $10.0b (9%), assets overseas, down $6.2b (10%), cash and deposits, down $1.3b (18%) and other non-financial assets, down $0.7b (5%). These were partially offset by an increase of $1.0b (18%) in holdings of other financial assets.

Graph: Unconsolidated assets, Public unit trusts


Friendly societies

At 31 March 2008, total unconsolidated assets of friendly societies was $7.0b, down $0.3b (4%) on the December quarter 2007 figure of $7.3b. The major movements were in long term securities, down $0.1b (19%) and in short term securities, up $0.1b (13%).

Graph: Unconsolidated assets, Friendly societies


Common funds

At 31 March 2008, the total unconsolidated assets of common funds was $12.2b, down $0.1b (1%) on the December quarter 2007 figure of $12.3b.The major decrease was in cash and deposits, down $0.4b (13%), which was offset by an increase in short term securities, up $0.4b (9%).

Graph: Unconsolidated assets, Common funds


Cash management trusts

At 31 March 2008, the total unconsolidated assets of cash management trusts was $46.2b, up $0.7b (1%) on the December quarter 2007 figure of $45.5b. The major increase was cash and deposits, up $1.7b (34%); with marginal increases in loans and placements, long term securities and other financial assets. These were offset by decreases in short term securities, down $1.2b (3%).

Graph: Unconsolidated assets, Cash management trusts


INVESTMENT MANAGERS

Source of funds under management

During the March quarter 2008 there was a decrease in total funds under management by investment managers of $84.2b (7%) on the revised December quarter figure, bringing the total funds under management to $1,179.4b.

The value of funds under management on behalf of superannuation funds decreased by $34.4b (6%), public unit trusts decreased by $10.5b (9%), and life insurance offices decreased by $6.6b (4%).

During the quarter the value of funds under management on behalf of sources other than managed funds decreased $24.4b (7%). Of this, the largest decreases were in funds under management on behalf of other trusts, down $14.9b (8%), other sources, down $5.4b (10%), and other investment managers, down $2.0b (8%).

The value of funds under management on behalf of overseas sources was $50.1b, a decrease of $8.9b (8%) on the revised December 2007 quarter figure.

The value of managed funds assets invested through investment managers was $817.8b at 31 March 2008, representing 64% of the consolidated assets of managed funds.

Graph: Investment Managers, Source of funds under management


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