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AMP keeps top spot

AMP remains the number one funds manager in term of market share according to the March quarter ASSIRT Market Share Report.

Total assets under management for the industry grew by 6.2 per cent from $561 million in December to $596 billion in the March quarter.

The top ten managers account for about 60 per cent of the market, with $356 billion under management.

AMP also showed the largest increase this quarter, with total assets under management increasing 16.65 per cent from $61 billion in December to $71 billion in March.

Colonial, Lend Lease, BT Financial Group and Commonwealth Finan-cial Services complete the list of the top five funds managers.

Combined, the top five have captured almost 40 per cent of the market.

ASSIRT collects data from 134 funds managers and monitors about 3,000 funds in Australia.

The survey found that, while National Australia Bank was tenth in terms of retail assets under management, it was the number one player in terms of attracting new business.

During the March quarter the National attracted almost $600 million in additional retail funds.

National Financial Management managing director Elizabeth Lomas said: “The National’s outstanding performance is the result of our best of breed product strategy combined with strong sales support.”

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