Friday 9th February 2001 |
Text too small? |
A study released this week by IPAC Securities showed a net outflow from ANZ funds of $134 million last year, following a $213 million outflow in 1999. The operation now manages funds worth $650 million.
ANZ has been a poor performer in picking investments.
In the "active New Zealand shares" category, the William Mercer survey of 12 fund managers for periods to the end of September last year showed ANZ came 11th over one year, bottom over two years and three years, and tenth over five years.
Mr Armour comes from Axa Asia Pacific, which also had shrinking funds. Axa's New Zealand funds under management shrank by $77 million to $896 million, following a $47 million outflow in 1999. The Australian Financial Review reported both companies were trying to address declines in their Australian funds management businesses by improving distribution networks and product devel-opment.
No comments yet
CMC - Appointment of Director
General Capital subsidiary General Finance update
AIA - releases long-term blueprint for the future
April 29th Morning Report
RAK - FY25 Performance and Focus; Director Retirement
PEB - Medicare LCD Effective; Pacific Edge Seeks Recoverage
MEL - New CFO and Executive Changes
PFI - Upgraded FY25 Earnings Guidance
April 28th Morning Report
Mercury appoints new Chief Sustainability Officer