Table 26.23 shows their assets by type of institution and table 26.24 shows assets by type of investment . Investments by pension funds which are held and administered by life insurance offices are included under life insurance offices. A further development within the managed funds industry is the emergence of specialist investment managers. They usually act for the smaller collective investment institutions such as public unit trusts. They are not accessible to the small investor.
Investment managers provide a sophisticated level of service, matching assets and liabilities.
They act in the main as the managers of pooled funds, but also manage clients' investments on an individual portfolio basis. A considerable proportion of the assets of collective investment institutions, particularly the statutory funds of life insurance corporations and assets of pension funds, is channelled through investment managers. Table 26.25 shows the total unconsolidated assets of each type of collective investment institution and the amount of these assets invested through investment managers. Investment managers also accept money from investors other than collective investment institutions. Includes both superannuation and ordinary business.