Friday 9th February 2001 |
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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.
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