ING pulled in more money to its KiwiSaver funds than any other manager in the March quarter but its other funds weren’t so popular, according to FundSource data.
KiwiSaver success
ING, which includes ANZ and National Bank KiwiSaver funds, experienced a net inflow of nearly $139 million in March, beating out ASB, which brought in $107.8 million of funds in the quarter.
BT Funds Management, which includes Westpac KiwiSaver funds, was third with $57.5 million and had the distinction of being the only non-default provider in the top seven for fund flows in the quarter.
For the year to March ING was also the most popular provider with net inflows of $537 million, followed by ASB ($481.6 million), AMP ($276.2 million) and BT (212 million).
Huljich Wealth Management experienced a net inflow of $105.7 million in the year to March, including an inflow of $28.9 million in the March quarter, although it remains to be seen what effect the recent controversy surrounding the manager has had.
Results may vary
Despite its KiwiSaver success ING was only third in overall net fund flows for the quarter with $43.1 million, thanks to outflows of $49 million from its unit trusts, $16.9 million from its Group Investment Funds and $22.9 million from its superannuation funds.
BT was top in overall net fund flow for the quarter with $78.4 million, thanks mainly to its success in KiwiSaver and unit trusts, which had net inflows of $65.7 million in the quarter.
Kiwibank was second with net inflows of $60.45 in the quarter, all of the money going into unit trusts.
In fact Kiwibank has seen the greatest net inflow of funds of any fund manager in the past year, with $320.49 million in the year to March.
ING ($230.1 million), AMP ($184.6 million) and Mercer ($165.9 million) were next.
Niko Kloeten
Wed, 28 Apr 2010
