Retail managed funds in New Zealand increased to $NZ83.5 billion ($76.4 billion) in the June quarter, up 13.1% on the corresponding period last year and 2.4% on the preceding quarter, according to consultant Strategic Insight.

Further significant positive net fund flows and solid performances on underlying investments contributed equally to the growth.

Gross inflows for the period to June 30 increased 5.8% to $NZ22 billion ($20.1 billion), up 16.6% on the March quarter.

Among individual sub-markets, KiwiSaver outperformed with a 20.5% rise to $NZ42.3 billion ($38.7 billion) year on year, other superannuation grew 3.7% to $NZ6.6 billion ($6 billion), and insurance and investment bonds declined 4.4% to $NZ312,000 ($285,667).