The increase was driven by significant flows into Kiwi Saver and the general unit trust market, said a Plan For Life report.
In the December 2013 quarter, the New Zealand retail sector grew by 4.9 per cent to $41.2 billion in funds under management (FUM).
The top four managers as at 31 December 2013 were ASB Group Investment ($6.8 billion in FUM), AMP NZ ($6.8 billion), ANZ Investments ($6.4 billion) and BT/Westpac NZ ($6 billion).
Gross inflows during 2013 were $11.3 billion, up "dramatically" by 30 per cent on the $8.7 billion recorded in 2012 by Plan For Life.
"There was the usual dip in inflows during the December quarter due to KiwiSaver seasonality factors, but this time they were only down by 2.9 per cent," said the Plan For Life report.
"Year on year, Milford, Fidelity Life, BT/ Westpac, Grosvenor, ANZ and ASB recorded the highest annual inflow growth rates," it said.
The voluntary work-based savings initiative KiwiSaver accounts for almost half of the New Zealand retail market, while unit trusts and managed funds make up 39 per cent and 'other superannuation' contributes 11.5 per cent, according to Plan For Life.
