SALES of managed investment schemes plunged 75 per cent last financial year after the spectacular collapse of the two main players.
MIS sales fell to $270 million from the heady heights of $1.08 billion in 2007-08, according to statements released to the Australian Stock Exchange last week and preliminary figures from analysts Australian Agribusiness Group.
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Timbercorp and Great Southern made up about 50 per cent of the MIS market, so their recent demise hit sales figures hard.
Both are in voluntary administration with billions of dollars of debt.
Forest Enterprises Australia said its sales for 2008-09 were $23 million, down from a staggering $116 million.
FEA chief executive Andrew White blamed "well-documented external factors".
Gunns reported sales of $45.5 million, down from $122 million, and the Elders-owned ITC reported sales of $24 million, down from $37 million.
Willmott posted sales of $65.8 million, down from $95 million.
The bright light of the sector was TFS Corporation, recording sales of $51.1 million, down from $59.8 million, a drop of only 15 per cent.
