5655.0 - Managed Funds, Australia, Dec 2013  
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ANALYSIS


MANAGED FUNDS INDUSTRY

At 31 December 2013, the managed funds industry had $2,287.4b funds under management, an increase of $74.1b (3%) on the September quarter 2013 figure of $2,213.3b. Increases were recorded in consolidated assets of managed funds institutions, $56.5b (3%); funds managed by Australian investment managers on behalf of Australian entities other than managed funds institutions, $13.3b (3%); and funds managed by Australian investment managers on behalf of overseas investors, $4.4b (6%).

The following diagram shows the values of the Total Managed Funds Industry at 31 December 2013 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 2013, the consolidated assets of managed funds institutions were $1,821.4b, an increase of $56.5b (3%) on the September quarter 2013 figure of $1,764.9b.

Total Consolidated Assets
Graph: Total Consolidated Assets



Consolidated assets by types of asset

The asset types that increased were overseas assets, $26.8b (8%); shares, $14.8b (3%); short term securities, $8.9b (8%); units in trusts, $6.3b (3%); land, buildings and equipment, $2.6b (1%); deposits, $2.2b (1%); bonds, etc., $2.1b (2%); loans and placements, $0.4b (1%); and other financial assets, $0.1b (0%). These were partially offset by decreases in other non-financial assets, $7.3b (39%); and derivatives, $0.3b (25%).

The following chart shows the levels of the asset types of managed funds institutions at 31 December 2013.

Managed funds institutions assets
Graph: Managed funds institutions assets



UNCONSOLIDATED ASSETS

Life insurance corporations

At 31 December 2013, total unconsolidated assets of life insurance corporations were $273.7b, an increase of $7.8b (3%) on the September quarter 2013 figure of $265.8b.

Increases were recorded in units in trusts, $5.6b (3%); assets overseas, $1.1b (8%); loans and placements, $1.0b (50%); bonds, etc., $0.7b (3%); and deposits, $0.3b (3%). These were partially offset by decreases in shares, $0.5b (2%); other financial assets, $0.3b (6%); derivatives, $0.1b (20%); and other non-financial assets, $0.1b (4%). Land, buildings and equipment and short term securities were flat.

Cross investment within life insurance corporations was $0.8b, a decrease of $1.1b (60%) compared to the September quarter 2013.

Net policy liabilities was $234.7b, an increase of $6.1b (3%) compared to the September quarter 2013.

Life Insurance Corporations
Graph: Life Insurance Corporations



Superannuation (pension) funds

At 31 December 2013, total unconsolidated assets of superannuation funds were $1,702.0b, an increase of $60.2b (4%) on the September quarter 2013 figure of $1,641.9b.

Increases were recorded in assets overseas, $23.1b (9%); shares, $13.4b (3%); short term securities, $10.0b (12%); units in trusts, $4.8b (2%); net equity of pension funds in life office reserves, $3.5b (2%); land, buildings and equipment, $3.2b (3%); deposits, $1.9b (1%); bonds, etc., $1.4b (2%); and loans and placements, $0.2b (2%). These were partially offset by decreases in other financial assets, $0.8b (5%); and derivatives, $0.4b (9%). Other non-financial assets were flat.

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



Public offer (retail) unit trusts

At 31 December 2013, total unconsolidated assets of public offer (retail) unit trusts were $277.9b, a decrease of $1.2b (0%) on the September quarter 2013 figure of $279.1b.

Decreases were recorded in other non-financial assets, $6.8b (67%); loans and placements, $0.8b (5%); land, buildings and equipment, $0.6b (1%); and derivatives, $0.2b (28%). These were partially offset by increases in assets overseas, $2.6b (8%); units in trusts, $2.1b (3%); other financial assets, $1.3b (17%); shares, $0.8b (3%); deposits, $0.3b (7%); and short term securities, $0.1b (4%). Bonds, etc. were flat.

Cross investment within public offer (retail) unit trusts was $31.6b, an increase of $0.9b (3%) compared to the September quarter 2013.

Public Offer Unit Trusts
Graph: Public Offer Unit Trusts



Friendly societies

At 31 December 2013, total unconsolidated assets of friendly societies were $6.2b which was flat on the September quarter 2013 figure.

Friendly societies
Graph: Friendly societies



Common funds

At 31 December 2013, total unconsolidated assets of common funds were $7.5b which was flat on the September quarter 2013 figure.

Common funds
Graph: Common funds



Cash management trusts

At 31 December 2013, total unconsolidated assets of cash management trusts were $23.0b, a decrease of $1.5b (6%) on the September quarter 2013 figure.

Decreases were recorded in short term securities, $1.3b (9%) and deposits, $0.3b (3%). Equities, other financial assets and bonds, etc. were flat.

Cross investment within cash management trusts was $0.5b which was flat compared to the September quarter 2013.

Cash management trusts
Graph: Cash management trusts



RESIDENT INVESTMENT MANAGERS

Source of funds under management

At 31 December 2013, total funds under management were $1,492.2b, an increase of $57.2b (4%) on the September quarter 2013 figure of $1,435.0b.

Funds under management on behalf of superannuation funds increased $34.3b (5%), public offer (retail) unit trusts increased $5.5b (5%) and life insurance corporations increased $0.2b (0%). Cash management trusts decreased $0.5b (3%).

At 31 December 2013, the value of funds under management on behalf of sources other than managed funds was $396.5b, an increase of $13.3b (3%) on the September quarter 2013 figure of $383.2b.

Increases were recorded in funds under management of behalf of national government, $7.1b (12%); other sources, $5.6b (19%); general insurance, $1.1b (3%); government compensation schemes, $0.3b (3%); non-government trading corporations, $0.3b (1%); charities, $0.1b (3%), and other investment managers, $0.1b (1%). These were partially offset by decreases in wholesale financial trusts, $1.2b (1%), and state and local government, $0.1b (0%).

The value of funds under management on behalf of overseas sources at 31 December 2013 was $79.1b, an increase of $4.4b (6%) on the September quarter 2013 figure of $74.7b.

Assets of Managed Funds, at 31 December 2013

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

Life insurance corporations
163 212
110 478
273 690
Superannuation (pension) funds
711 262
990 765
1 702 027
Public offer (retail) unit trusts
120 383
157 475
277 858
Friendly societies
np
np
6 163
Common funds
np
np
7 483
Cash management trusts
16 274
6 751
23 025
Total
1 016 589
1 273 657
2 290 245

np not available for publication but included in totals where applicable, unless otherwise indicated