ANALYSIS


CONSOLIDATED ASSETS

By type of institution

At 31 December 2009, consolidated assets of superannuation funds were $846.2b, up $31.1b (4%) on the September 2009 figure. Consolidated assets of life insurance offices were $182.0b, an increase of $4.0b (2%); consolidated assets of public unit trusts were $259.4b, an increase of $1.7b (1%); consolidated assets of friendly societies were $3.6b, a decrease of $0.4b (11%); consolidated assets of common funds were $6.9b, a decrease of $0.1b (2%); and consolidated assets of cash management trusts were $37.5b, a decrease of $4.7b (11%).

By type of asset

The asset types to increase for the quarter were equities and units in trusts, $19.9b (4%); assets overseas, $10.4b (5%); land and buildings, $3.9b (3%); and, long term securities, $3.4b (4%). The asset types to decrease were cash and deposits, $2.5b (2%); short term securities, $1.0b (1%); loans and placements, $1.0b (3%); and, other assets, $1.5b (3%).


Cross investment

The table below presents the unconsolidated, cross-invested and consolidated assets of managed funds by type of fund as at 31 December 2009.

	Unconsolidated assets	Cross- invested assets	Consolidated assets
Type of fund	$m	$m	$m
Life insurance offices	230 724	48 679	182 045
Superannuation funds	1 019 656	173 493	846 163
Public unit trusts	296 527	37 142	259 385
Friendly societies	6 863	3 286	3 577
Common funds	7 888	1 037	6 851
Cash management trusts	37 484	-	37 484
Total	1 599 142	263 637	1 335 505
- nil or rounded to zero (including null cells)

UNCONSOLIDATED ASSETS

Life insurance offices

At 31 December 2009, total unconsolidated assets of life offices was $230.7b, an increase of $3.2b (1%) on the September quarter 2009 figure of $227.6b. The major increases were in equities and units in trust, $1.1b (1%) and long term securities, $1.5b (6%). Partially offsetting these were decreases in short term securities, $0.9b (13%) and other financial assets, $0.8b (16%).

Superannuation funds

Total unconsolidated assets of superannuation funds held outside life offices was $1,019.7b at 31 December 2009, an increase of $35.7b (4%) on the September quarter 2009 figure of $983.9b. Major increases were recorded for equities and units in trusts, $21.3b (5%); and, assets overseas, $7.7b.

Public unit trusts

At 31 December 2009, total unconsolidated assets for public unit trusts was $296.5b, an increase of $9.8b (3%) on the September quarter 2009 figure of $286.7b. This was primarily driven by a strong increase in equities and units in trusts of $8.5b (10%). Other non-financial assets, overseas assets and short term securities also increased, $1.0b (9%), $1.0b (2%) and $0.8b (13%) respectively. These rises were offset by decreases in loans and placements, $1.1b (5%) and cash and deposits, $0.4b (4%).

Friendly societies

At 31 December 2009, total unconsolidated assets of friendly societies was $6.9b, up $0.1b (1%) on the September quarter 2009 figure of $6.8b. The main movements were in equities and units in trust, up $0.6b (19%) and short term securities, down $0.4b (28%).

Common funds

At 31 December 2009, total unconsolidated assets of common funds was $7.9b, down $0.1b (1%) on the September quarter 2009 figure of $8.0b. The main movement was a decrease in cash and deposits of $0.1b (3%).

Cash management trusts

At 31 December 2009, total unconsolidated assets of cash management trusts was $37.5b, down $4.7b (11%) on the September quarter 2009 figure of $42.2b. The major decreases were in short term securities, $2.2b (7%) and cash and deposits, $1.5b (27%).


INVESTMENT MANAGERS

Source of funds under management

During the December quarter 2009 total funds under management was $1,138.3b, an increase of $21.9b (2%) on the September quarter 2009 figure of $1,116.5b.

The value of funds under management on behalf of superannuation funds increased $12.3b (3%); public unit trusts increased $2.0b (2%); and, life insurance offices increased $1.6b (1%). These were offset by a decrease in cash management trusts of $2.9b (9%).

At 31 December 2009, the value of funds under management on behalf of sources other than managed funds was $317.0b, an increase of $6.7b (2%) on the September quarter 2009 figure of $310.3b. The largest increases were in funds under management on behalf of other trusts, $5.8b (5%) and other sources, $5.0b (14%). These were offset by a decrease in funds sourced from government of $5.0b (5%).

The value of funds under management on behalf of overseas sources at 31 December 2009 was $53.5b, an increase of $2.3b (4%) on the September quarter 2009 figure of $51.2b.