Inflows to managed funds increased further in the three months ended March, with KiwiSaver investors continuing to be one of the main influences, FundSource said today.
For the March quarter, net fund inflows totalled $313 million, compared with net inflows of $253m in the previous quarter. KiwiSaver products attracted a net $525m, compared with $424m in the December quarter.
The ASB Conservative fund saw the largest inflow of all KiwiSaver funds, including other default funds, FundSource said.
Total net funds under management reached $20 billion during the quarter, as global markets continued to recover.
"Rapid growth in the KiwiSaver money has been a real positive for the New Zealand Managed Funds industry," said FundSource business manager TJ Singh.
"This is a trend that we have seen developing from late 2008 and it is very encouraging to see the speed of growth and consistency of funds flow."
Unit trusts gained net funds of $55m, while group investment funds experienced the largest decline in flows of $159m for the quarter.
