APIR, which identifies, codes, and manages reference data for unlisted financial products, said the first quarter of FY2023–24 saw 228 product registrations, in line with the five-year rolling average for the same period.
According to Chris Donohoe, APIR chief executive, this “solid start” to the new financial year was led by above average registrations of traditional managed fund products finishing with 192 for the period – an 18 per cent surge on the quarterly average over the past five years.
Meanwhile, managed account product registrations surpassed the rolling five-year average for the period by 50 per cent, at 27.
However, registration of superannuation products and in particular investment options, were considerably lower than the rolling five-year average for the period, at seven.
APIR added that terminations for the September 2023 quarter were also down significantly, at 79.
“Overall, while registrations for the quarter are in line with the-five year rolling average, it is pleasing to see the strength from both managed account and in particular managed fund product registrations,” Mr Donohoe commented.
He noted that the latest quarterly statistics revealed continued growth in the percentage of new managed funds registrations that were wholesale products, at 57 per cent.
“Additionally, there was a rise in fund or fund products registered in the quarter, at 43, while the number of funds distributing quarterly and monthly increased to 67 per cent – up from 60 per cent in FY22–23 and 53 per cent in FY21–22.
“It will be interesting to keep an eye on these emerging trends as product manufacturers continue to respond to the higher inflation and interest rate environment.”
For the year ending 30 June 2023, APIR reported registrations that were well above-average, with managed funds and managed accounts, similarly to the September 2023 quarter, acting as heavyweights.
Namely, while product registrations were slightly down on the previous year’s record number, they were still 34.2 per cent above the rolling four-year average.
“Managed investment products continued to be the industry’s product engine room; however, it is extremely pleasing to see the significant increase in managed account registrations in 2022–23, being 153.8 per cent above the four-year rolling average,” Mr Donohoe said in August.
“This further demonstrates the industry’s better understanding of how to leverage the benefits of the APIR coding regime.”
