Australian managed fund total assets under management, including discretely-managed portfolios, have grown by $7 billion or 0.8 per cent to $941.7 million over 2010, according to Morningstar's Market Share Report.
The increase in assets was substantially smaller than in 2009, when assets grew by $89.5 billion.
This was largely the result of substantial outflows earlier in 2010.
But flows improved in the last quarter of the calendar year, when managed funds saw inflows of $16.5 billion.
There were two notable changes to the top 10 fund managers by size over the past year, Morningstar said.
ING Investment Management now accounts for 3.6 per cent of the managed funds industry, following the acquisition by ANZ of ING Australia, now called OnePath.
BlackRock added 2.3 per cent to its market share, which now comprises 4 per cent.
Macquarie Bank Group went in the other direction, losing 2.7 per cent of its market share to reach 5.4 per cent.
Listed infrastructure saw strong growth over 2010, increasing assets by no less than 95 per cent.
The amount of money in alternative strategies was also up significantly over the year, up 40.8 per cent compared to the end of 2009.
Listed property and mortgages experienced the greatest setbacks over the past four quarters, losing 24.7 and 22.7 per cent respectively.
