Disagree with you here, given the research I did for my previous...

Disagree with you here, given the research I did for my previous post. Also, superfunds are technically buy-side asset management and are HUGE in Aus, therefore they are insto. SMSF are not insto, as you pointed out.

The below are not SMSFs, they are legit insto. HSBC and Citicorp also operate fairly large wealth management/private banking (retail) businesses but the others are predominantly buy-side asset management (pure insto).

JP Morgan (33.1M shares)
HSBC (18.9M shares)
Petra Capital (5M shares - using asdzxc's numbers, haven't confirmed this myself)
BNP Paribas (3.4M shares)
Citicorp (2.6M shares)
National Nominees (2.3M Shares)
Bond Street Custodians (2.2M shares)

For a total of 22.4% of shares being held by instos in the top 20 alone.