Supporting information:
Historical data (Excel spreadsheet)
Special noteSeries description – Managed funds survey
Product categories
Funds managed are displayed in rows according to product category as perceived by the client (for example, registered superannuation funds managed in a unit trust product remain ‘superannuation funds’). Product definitions are underpinned by the tax regime applying to them. Unit trust and group investment fund (GIF) products are defined by relevant legislation and associated taxation requirements. Life insurance funds under management (FUM) are those to which the life insurance taxation regime applies. Superannuation funds under management are funds in a registered superannuation scheme.
Life insurance
Products with a life insurance element and treated under the tax regime applying to life insurance companies. It includes all insurance bonds, whole of life and endowment life policies. Only policyholders’ liabilities of life insurance companies are treated as life insurance FUM. Reserves and general and other insurance assets are reported as ‘non-household’ other funds managed.
KiwiSaver
Comprises all funds in a registered KiwiSaver scheme that are managed by fund managers surveyed quarterly. Data from March 2008 identify KiwiSaver funds as a separate product category.
Other Superannuation
Comprises all funds collected and managed under a non-KiwiSaver registered superannuation scheme, including both employer and non-employer-based schemes. KiwiSaver amounts for December 2007 are included here.
Unit Trusts & Group Investment Funds
Investments managed under the Unit Trusts Act, and through Group Investment Funds (GIFs) and where FUM are neither for the purpose of life insurance or superannuation.
Other funds managed
All funds managed that are not included in Unit Trusts and Group Investment Funds, Life Insurance or Superannuation categories. This category includes charitable, commercial and private funds not managed in unit trusts or GIFs.
Total
The sum of all product categories.
Investment categories
New Zealand investments
Total New Zealand investments
Total surveyed funds under management invested in New Zealand.
Deposits
Deposits are funds ‘placed on deposit’ with a financial institution and do not include certificates of deposit or other short-term securities.
Fixed interest securities
Fixed-interest securities are classified in time bands of time to run to maturity. They are financial securities bearing interest and discount securities, with common examples being bonds, government stock or local authority stock, ‘bills’, promissory notes, medium-term notes (MTNs), transferable certificates of deposit (TCDs) and negotiable certificates of deposit (NCDs). Residential mortgage-backed securities (RMBS) are not included.
The time to run to maturity definition is ‘how much time remains before this security matures and is repaid’. Any security that is going to mature within the next year (including those originally issued for a period longer than a year) is short-term. All securities that will mature one year or more from report date are ‘long term’.
Loans and placements
Loans secured on mortgage over commercial, residential and agricultural land/property are included in this category. For the purposes of this survey, a placement is a wholesale loan, usually made for a short term, but not technically as a deposit or with an evidential security. RMBS are treated as loans and included here.
Equities and units in trusts
Funds under management, invested in equities or units in trusts or other managed fund units (not reported by other fund managers in this survey) are shown here. Excludes units in property trusts.
Property
Direct investment in property and funds invested in property trusts and any other property assets. Property exposure sought through purchase of units in pure property trusts is entered as ‘Units in property trusts’.
Other New Zealand assets
Any other assets not specified by category.
Overseas investments
Total overseas investments
Funds collected by New Zealand managers and invested directly overseas or with overseas fund managers.
Fixed interest securities
Non-resident interest-bearing securities (not including deposits). Includes Kauri bonds.
Equities
Total investments in equities registered overseas.
All other overseas assets
Includes deposits, property, commodity investments and all other overseas assets not fixed interest or equities.
Total Managed Funds
Sum of Total New Zealand investments and overseas investments.
