ANALYSIS


CONSOLIDATED ASSETS

By type of institution

At 31 March 2009, consolidated assets of superannuation funds were $704.8b, down $10.3b (1%) on the revised December quarter 2008 figure. Consolidated assets of public unit trusts were $250.7b, a decrease of $5.1b (2%); the consolidated assets of life insurance offices were $157.5b, a decrease of $7.4b (4%); the consolidated assets of cash management trusts were $45.3b, an increase of $1.1b (3%); the consolidated assets of common funds were $6.9b, a decrease of $3.9b (36%); and consolidated assets of friendly societies were $3.9b, a decrease of $0.1b (2%).

By type of asset

The major asset movements for the quarter were assets overseas, down $21.4b (9%); equities and units in trusts, down $7.6b (2%); cash and deposits, up $2.6b (2%); and other assets, up $1.3b (2%). Loans and placements, long term securities and land and buildings all recorded small decreases of $0.3b (0.8%), $0.4b (0.6%) and $0.3b (0.2%) respectively, while short term securities recorded a small increase of $0.4b (0.5%).


Cross investment

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

	Unconsolidated assets	Cross- invested assets	Consolidated assets
Type of fund	$m	$m	$m
Life insurance offices	199 043	41 577	157 466
Superannuation funds	855 194	150 398	704 796
Public unit trusts	276 797	26 146	250 651
Friendly societies	6 325	2 396	3 929
Common funds	7 841	989	6 852
Cash management trusts	45 331	-	45 331
Total	1 390 531	221 506	1 169 025
- nil or rounded to zero (including null cells)

UNCONSOLIDATED ASSETS

Life insurance offices

At 31 March 2009, the total unconsolidated assets of life offices was $199.0b, a decrease of $8.9b (4%) on the revised December quarter 2008 figure of $208.0b. The major decreases were in equities and units in trust, down $8.1b (6%) and short term securities, down $0.8b (10%). Partially offsetting these falls was an increase in long term securities, up $0.8b (4%).

Superannuation funds

The total unconsolidated assets of superannuation funds held outside life offices was $855.2b at 31 March 2009, a decrease of $8.4b (1%) on the revised December quarter 2008 figure of $863.6b. Major decreases were recorded for assets overseas, down $18.8b (12%) and long term securities, down $1.5b (3%). These were partially offset by increases in cash and deposits, up $6.7b (4%); equities and units in trusts, up $2.3b (1%); and short term securities, up $1.4b (4%).

Public unit trusts

Total unconsolidated assets of public unit trusts was $276.8b as at 31 March 2009, a decrease of $6.5b (2%) on the revised December quarter 2008 figure of $283.3b. The major decreases were in equities and units in trusts, down $3.7b (5%) and assets overseas, down $2.6b (4%).

Friendly societies

At 31 March 2009, total unconsolidated assets of friendly societies was $6.3b, down $0.2b (4%) on the December quarter 2008 figure of $6.6b. The major decrease was in equities and units in trusts, down $0.2b (6%), while minor decreases were recorded in most other asset items.

Common funds

At 31 March 2009, the total unconsolidated assets of common funds was $7.8b, down $3.5b (31%) on the revised December quarter 2008 figure of $11.3b. This significant decrease was largely due to a fund ceasing operation. The major decreases were in short term securities, down $2.4b (74%) and cash and deposits, down $1.4b (43%). The overall decrease was partially offset by increases in equities and units in trust, up $0.5b (49%) and long term securities, up $0.2b (18%).

Cash management trusts

At 31 March 2009, the total unconsolidated assets of cash management trusts was $45.3b, up $1.1b (3%) on the revised December quarter 2008 figure of $44.2b. The major increase was in short term securities, up $2.3b (7%). This was partially offset by a decrease in cash and deposits, down $1.5b (18%).


INVESTMENT MANAGERS

Source of funds under management

During the March quarter 2009 there was a decrease in total funds under management by investment managers of $39.9b (4%) on the revised December quarter 2008 figure, bringing the total funds under management to $964.4b.

The value of funds under management on behalf of superannuation funds decreased by $10.6b (3%); public unit trusts decreased by $4.4b (4%); and life insurance offices decreased by $5.3b (4%).

During the quarter, the value of funds under management on behalf of sources other than managed funds was $262.5b, a decrease of $17.1b (6%) on the revised December quarter 2008 figure of $279.6b. The largest decreases were in funds under management on behalf of other investment managers, down $7.0b (31%); other trusts, down $6.5b (6%); and other sources, down $3.8b (12%).

The value of funds under management on behalf of overseas sources was $40.0b, a decrease of $2.5b (6%) on the revised December quarter 2008 figure.