The 880bn$ figure quoted by the AFR (as total size of the Australian platform market) does seem to be consistent with the figures published in the IOOF presentation I quoted above.
If you look (again) at slide 12 in that presentation, you can see that the sum of FUAd for the top 11 players amounted to 803bn$ as of October 2017 (my understanding is that those figures included BT’s FUAd as well, grouped under the Westpac umbrella).
But then BT’s 10.76bn$ FUAd (as released within yesterday’s WBC announcement) represents a mere 1.2% of the total; therefore, their market share for platforms appears to be a lot closer to 1% than to 10%, which makes them hardly relevant when it comes to industry pricing dynamics. Wouldn't you think?
IFL Price at posting:
$8.99 Sentiment: Buy Disclosure: Held
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