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SEPTEMBER KEY FIGURES
 | Sep Qtr 2003 | Jun Qtr 2004 | Sep Qtr 2004 | |
| Consolidated Assets | $m | $m | $m | |
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| Superannuation funds | 327,477 | 378,859 | 388,192 | |
| Life insurance offices(a) | 169,495 | 171,285 | 171,714 | |
| Other managed funds | 187,156 | 203,902 | 207,141 | |
| Total | 684,127 | 754,046 | 767,046 | |
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| (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
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SEPTEMBER KEY POINTS
CONSOLIDATED ASSETS
- Total consolidated assets of managed funds institutions was $767.0b at 30 September 2004, an increase of $13.0b (2%) from the revised June quarter 2004 figure, mainly reflecting changes in asset values during the quarter. During the September quarter 2004, the S&P/ASX 200 increased by 4%, although the price of foreign shares (represented by the US S&P 500) decreased by 2% and the $A appreciated against the $US by 4%. Domestic bond prices increased during the quarter with the 5 year Treasury Bond yield decreasing by 0.3 percentage points.
- Consolidated assets of superannuation funds, public unit trusts and cash management trusts experienced increases of $9.3b (2%), $2.5b (2%) and $0.7b (2%) respectively. Assets of life insurance offices, friendly societies and common funds remained virtually the same.
- The major asset movements for the quarter were in equities and units in trusts, up $13.4b (5%), loans and placements, up $0.8b (3%), short term securities, up $1.5b (2%) and land and buildings, up $1.3b (1%). These were offset somewhat by decreases in other assets of $4.3b (19%) and assets overseas of $0.8b (1%) .
- Investment managers had $767.4b in funds under management, up $23.5b (3%) from the revised June quarter 2004 figure. They managed $515.6b (67%) of consolidated managed funds' assets.
NOTES
CHANGES IN THIS ISSUE
There are no changes in this issue.
REVISIONS THIS ISSUE
There have been revisions in many series as a result of quality assurance work undertaken with data providers. When the results of the June quarter 2004 survey were published, survey response rates were lower then expected. June quarter 2004 survey responses that have subsequently been received contributed to revisions in this publication. In particular revisions have been made to: fund managers (revised back to September 1998 in respect of classification of source of funds); life insurance offices (revised back to March 1998) and superannuation funds (revised back to September 1998).
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 Glen Malam on Canberra (02) 6252 5040.
ANALYSIS
CONSOLIDATED ASSETS
By type of institution
At 30 September 2004, consolidated assets of superannuation funds was $388.2b, up $9.3b (2%) since June 2004. Consolidated assets of public unit trusts and cash management trusts experienced increases of, $2.5b (2%), and $0.7b (2%) respectively. Assets of life insurance offices,common funds and friendly societies remained virtually the same at $171.7b, $9.5b and $4.5b respectively.
By type of asset
The major asset movements for the quarter were in equities and units in trusts, up $13.4b (5%), short term securities, up $1.5b (2%), long term securities up $0.8b (1%), assets overseas, down $0.8b (1%) and other assets, down $4.3b (19%).
Cross investment
The table below presents the unconsolidated, cross-invested and consolidated assets of managed funds by type of fund as at 30 September 2004.
| Unconsolidated assets | Cross- invested assets | Consolidated assets | |
| Type of fund | $m | $m | $m | |
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| Life insurance offices | 201,947 | 30,233 | 171,714 | |
| Superannuation funds | 472,875 | 84,684 | 388,192 | |
| Public unit trusts | 187,191 | 27,129 | 160,062 | |
| Friendly societies | 6,269 | 1,814 | 4,455 | |
| Common funds | 9,878 | 408 | 9,471 | |
| Cash management trusts | 33,153 | - | 33,153 | |
| Total | 911,313 | 144,267 | 767,046 | |
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| - nil or rounded to zero (including null cells) |
UNCONSOLIDATED ASSETS
Life insurance offices
At 30 September 2004, the total assets of life insurance offices stood at $201.9b, an increase of $1.3b (1%) since June 2004. Major increases were in equities and units in trusts of $1.4b (1%),long term securities of $0.2b (1%) and short term securities $0.1b (1%). Loans and placements increased by $0.2b (10%) while cash and deposits decreased by $0.5b (6%). Assets held overseas decreased by $0.2b (1%).
Superannuation funds
The total assets of superannuation funds held outside of life offices was $472.9b at 30 September 2004, an increase of $11.0b (2%) since June 2004. Holdings of equities and units in trusts increased by $11.9b (6%), of which private trading corporation shares increased by $8.6b (9%) and financial sector shares increased by $2.4b (7%). Cash and deposits increased by $1.0b (3%), short term securities increased by $0.5b (2%) and long term securities increased by $0.4b (1%). Other financial assets decreased $2.0b (25%) and assets overseas decreased $1.4b (2%).
Public unit trusts
The total assets for public unit trusts was $187.2b at 30 September 2004, up $1.5b (1%) since June 2004. The major increases were in cash and deposits, up $1.1b (15%) land and buildings, up $0.8b (1%) and assets overseas, up $0.8 (3%).
Friendly societies
Total assets of friendly societies was $6.3 billion at 30 September 2004, virtually unchanged since June 2004. At the end of the quarter, equities and units in trusts stood at $2.0b, long term securities at $1.2b and short term securities at $1.4b. Together they accounted for 74% of total assets.
Common funds
Total assets of common funds was $9.9b at 30 September 2004, an increase of $0.2b (2%) since June 2004. Short term securities and loan and placements account for 44% and 25% respectively of total assets.
Cash management trusts
Total assets of cash management trusts was $33.2b at 30 September 2004, up $0.7b (2%) since June 2004. Short term securities increased by $0.5b (2%) and cash and deposits increased by $0.2b (3%). All other asset classes remaind virtually unchanged. Short term securities accounted for 75% of total assets.
INVESTMENT MANAGERS
Source of funds under management
During September quarter 2004 there was an increase in total funds under management by investment managers of $23.5b (3%), bringing the total funds under management to $767.4b.
The value of funds under management on behalf of superannuation funds increased by $12.2b (5%), public unit trusts decreased by $1.9b (2%) and life insurance offices increased by $6.0b (5%).
During the quarter the value of funds under management on behalf of sources other than managed funds increased $8.9b (4%). Of this, the largest increase was funds under management on behalf of trusts other than public unit trusts, $8.4b (9%). There were increases in the value of funds under management on behalf of government, $1.6b (11%) and general insurance, $1.6 (7%), while funds under management on behalf of other investment managers decreased by $3.0b (5%).
The value of funds under management on behalf of overseas sources increased to $27.1b following a $1.6b (6%) increase from the previous quarter.
The value of managed funds assets invested through investment managers was $515.6b at 30 September 2004, representing 67% of the consolidated assets of managed funds.
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