The launch of BT Panorama helped Westpac's wealth management business maintain its lead in the retail platform market in 2016.
New data released by actuaries Strategic Insights found that BT grew its share of the retail platform market by 6 per cent to $139.6 billion by 31 December 2016.
Overall, BT holds 19 per cent of the $733 billion masterfunds, wraps and platforms market – followed by AMP at 18.2 per cent ($133.2 billion).
NAB (MLC) and CBA (Colonial First State) hold 14.9 per cent ($108.9 billion) and 14.8 per cent ($108.3 billion) of the platforms market, respectively.
Macquarie Group was in fifth place on the list at 8.9 per cent of the market, and ANZ (which is planning to sell its wealth business) holds 6.1 per cent of the market.
All firms saw increases in their funds under management, with Netwealth recording the highest annual growth at 32.5 per cent (up from $7.34 billion at December 2015 to $9.76 billion in December 2016).
Read more:
QIC restructures SA advisory team
'Sharp' Chinese downturn on the cards
APRA boss flags more ‘tactical’ changes
Early super release ‘wrong solution’ for housing
