NZX’s Smart FUM growth slowed to 3.8% in the first half
However, chief executive Mark Peterson pointed out that the further recovery in financial markets helped lift FUM 17.3% to $14.46 billion by the end of July from the same seven months last year.
About $400 million of the funds management arm’s FUM growth came from cash inflows and $100 from market returns.
NZX said increasing KiwiSaver members and their increasing contribution rates are among the macro drivers of the business.
Chief financial officer Graham Law said: “In certain areas of the business, we’ve been light on marketing spend. It has been detrimental,” while Peterson guided to “maybe a bit of marketing in our funds business” in the second half.
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