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5655.0 - Managed Funds, Australia, Jun 2003  
Previous ISSUE Released at 11:30 AM (CANBERRA TIME) 29/08/2003   
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JUNE QTR KEY FIGURES


CONSOLIDATED ASSETS(a)
June Qtr
Mar Qtr
June Qtr
2002
2003
2003
$m
$m
$m

Superannuation funds
298,949
291,390
311,731
Life insurance offices(b)
170,057
159,047
158,913
Other managed funds
175,262
172,558
173,080
Total
644,269
622,995
643,723

(a) See the note 'Method of consolidation' below.
(b) Investments by superannuation funds which are held and administered by life insurance offices are included under life insurance offices.

Graph - Managed funds, Total consolidated assets



JUNE QTR KEY POINTS

CONSOLIDATED ASSETS
  • Total consolidated assets of managed funds institutions was $643.7b at 30 June 2003, an increase of $20.7b (3%) from the revised March quarter 2003 figure. This increase mainly reflected increases in asset values for the quarter. During the June quarter 2003, the ASX All Ordinaries Index increased by 5%. The price of foreign shares (represented by the US S&P 500) increased by 15%, offset by an 11% appreciation of the $A against the $US.
  • Consolidated assets of superannuation funds, public unit trusts and common funds experienced increases of $20.3b (7%), $1.9b (1%) and $0.5b (6%) respectively, while cash management trusts consolidated assets decreased by $1.8b (6%) during the quarter. Assets of life insurance offices and friendly societies remained virtually the same.
  • During the quarter there were increases in the value of assets held in the form of equities and units in trusts, up $9.1b (4%), cash and deposits, up $3.8b (8%), assets overseas, up $3.0b (3%), loans and placements, up $1.8b (7%) and other assets up $1.7b (8%). There was a decrease in short term securities of $0.9b (1%).
  • Investment managers had $650b in funds under management, up $25.3b (4%) from the revised March quarter 2003 figure. They managed $450.3b (70%) of consolidated managed funds' assets, the proportion remaining unchanged from June 2002.

NOTES

CHANGES IN THIS ISSUE

A list of additional tables available on AusStats is shown for the first time.

REVISIONS THIS ISSUE

There have been revisions in many series as a result of quality assurance workundertaken with data providers. In particular revisions have been made to: cash
management trusts (revised back to March 1996); life insurance (revised back to March 1998); superannuation (revised back to December 1999); and fund managers (revised back to September 2000).

ROUNDING

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


ABBREVIATIONS

ABSAustralian Bureau of Statistics
bbillion (one thousand million)


FURTHER INFORMATION

For further information about these and related statistics, contact Amanda Seneviratne on Canberra 02 6252 7489, or the National Information and Referral Service on 1300 135 070.


MANAGED FUNDS: ADDITIONAL TABLES ON AUSSTATS

The tables below are available from the AusStats service on this website <www.abs.gov.au> 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


MANAGED FUNDS: Consolidated Assets


BY TYPE OF INSTITUTION

At 30 June 2003, consolidated assets of superannuation funds was $311.7b, up $20.3b (7%) since March 2003. Consolidated assets of life insurance offices was $158.9b, down $0.1b (0%), public unit trusts was $130.6b, up $1.9b (1%) and friendly societies was $4.6b, unchanged since March 2003. The consolidated assets of common funds increased by $0.5b (6%), while the assets of cash management trusts decreased by $1.8b (6%).
Graph - Managed funds by type of institution


BY TYPE OF ASSET

During the quarter equities and units in trusts increased $9.1b (4%), cash and deposits, $3.8b (8%), assets overseas, $3.0b (3%), loans and placements, $1.8b (7%) and other assets, $1.7b (8%). These were partially offset by a decrease in short term securities of $0.9b (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 30 June 2003.



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

Life insurance offices
194,859
35,947
158,913
Superannuation funds
379,274
67,543
311,731
Public unit trusts
156,322
25,727
130,595
Friendly societies
6,116
1,544
4,572
Common funds
8,930
324
8,606
Cash management trusts
29,306
-
29,306
Total
774,808
131,085
643,723



MANAGED FUNDS: Unconsolidated Assets


LIFE INSURANCE OFFICES

At 30 June 2003, the total assets of life insurance offices was $194.9b, an increase of $3.3b since March 2003. Major increases were in short term securities, up $1.4b (11%), equities and units in trusts, up $0.6b (1%), cash and deposits, up $0.5b (7%), long term securities, up $0.4b (2%) and loans and placements, up $0.4b (7%). Assets held overseas decreased by $0.2b (1%) during the quarter.
Graph - Managed funds, assets of life insurance offices


SUPERANNUATION FUNDS

The total assets of superannuation funds held outside of life offices was $379.3b at 30 June 2003, an increase of $23.0b (6%) since March 2003. All asset classes increased during the quarter. Holdings of equities and units in trusts increased by $13.7b (9%). Of this, trading corporation shares increased by $6.3b (9%), financial sector shares increased by $4.9b (17%) and units in trusts increased by $2.5b (4%). Holdings of cash and deposits increased by $1.9b (5%). Of this, holdings in banks increased by $1.3b (4%), and in other deposit taking institutions increased by $0.6b (11%). Holdings of short term securities increased by $1.0b (5%) and assets held overseas increased by $3.3b (5%). There were marginal increases in the remaining asset classes.
Graph - Managed funds, assets of superannuation funds


PUBLIC UNIT TRUSTS

The total assets for public unit trusts was $156.3b at 30 June 2003, an increase of $2.2b (1%) since March 2003. The major increases were in equities and units in trusts, up $0.9b (1%), cash and deposits, up 0.5b (7%) and land and building , up $0.5b (1%) on March 2003. The only asset class to show a decrease was assets overseas, down $0.1b, all remaining asset classes were virtually unchanged.
Graph - Managed funds, assets of public unit trusts


FRIENDLY SOCIETIES

Total assets of friendly societies was $6.1b at 30 June 2003, an increase of $0.1b since March 2003. Equities and units in trusts increased by $0.1b (8%). This was offset by a decrease in short term securities of $0.1b (7%). Short and long term securities and equities and units in trusts accounted for 72% of total assets.
Graph - Managed funds, assets of friendly societies


COMMON FUNDS

Total assets of common funds was $8.9b at 30 June 2003, an increase of $0.6b (7%) since March 2003. Loans and placements increased by $0.4b (20%). Short term securities accounted for 45% of total assets.
Graph - Managed funds, assets of friendly societies


CASH MANAGEMENT TRUSTS

Total assets of cash management trusts was $29.3b at 30 June 2003, a decrease of $1.8b (6%) on the revised March 2003 figure. Cash and deposits increased by $1.4b (57%) while short term securities decreased by $3.5b (13%). Of the short term securities, $1.5b was in bills of exchange. Short term securities accounted for 77% of total assets.
Graph - Managed funds, assets of cash management trusts


MANAGED FUNDS - INVESTMENT MANAGERS


SOURCE OF FUNDS UNDER MANAGEMENT

During June quarter 2003 there was an increase in total funds under management by investment managers of $25.3b (4%), bringing the total funds under management to $650.0b. The value of funds under management on behalf of superannuation funds increased by $14.4b (8%), public unit trusts increased by $5.9b (7%), and life insurance increased by $1.7b (1%). During the quarter the value of funds under management on behalf of other sources increased $2.0b (1%). Of this, the largest increase was funds under management on behalf of other investment managers (up $2.6b). This was offset by a decrease in the value of funds under management on behalf of other trusts, down $1.5b (2%). The value of funds under management on behalf of overseas sources increased to 16.6b following an $0.8b (5%) 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 theses changes in reporting and assess their impact on the estimates.

The value of managed funds assets invested through investment managers was $450.3b at 30 June 2003, representing 70% of the consolidated assets of managed funds.
Graph - Source of funds under management


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