Retail managed funds industry contracts
A separate FundSource report out yesterday, showed that the retail managed funds industry had contracted in terms of total funds under management in the year to December, losing 5.7% to sit at $19.7 billion.
Net funds of $253 million flowed into retail managed funds in the December quarter, with KiwiSaver funds and unit trusts making the main gains while group investment funds continued to be out of favour.