The amount of funds under management has fallen 14.7 per cent in the last year and the fall would have been worse if it wasn't for KiwiSaver.
New Zealand had $20.6 billion of funds under management in the December quarter, down 7.6 per cent on the previous quarter and 14.7 per cent on a year ago, according to an analysis by actuaries Eriksen & Associates and Plan for Life.
Most of the fall was due to a decline in the market values of the funds' underlying investments in the global economic downturn.
KiwiSaver funds recorded quarterly growth of 19.2 per cent to have $2.1 billion under management. This was down from the 50 per cent plus growth rates in previous quarters.
Unit trusts and managed funds recorded a 10.5 per cent quarterly and 21 per cent annual decline in funds, and insurance and investments bonds recorded a 11 per cent quarterly and 28.8 per cent annual decline.
The other superannuation category recorded an 8.4 per cent quarterly decline and 26.1 per cent annual decline.
A breakdown of all funds under management showed double digit annual declines for ING NZ, AXA NZ, AMP Financial Services NZ, Tower, Asteron NZ, Russell Investment NZ and Guardian Trust.
- NZPA
KiwiSaver funds have grown to $2.1 billion after quarterly growth of 19.2pc.
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