Money in KiwiSaver accounts rose again in the latest quarter, but money invested in managed funds fell overall.
The Reserve Bank figures show the fall in managed funds was the first in more than a year.
Managed funds were hit by a fall in world markets early in May and June before regaining much of the loss in July.
The ructions were reflected in a fall in assets in managed funds from $63 billion to $61 billion in the July quarter.
But KiwiSaver accounts rose from $5.4 billion to $5.7 billion at the end of July, double the amount invested a year earlier.
Superannuation accounts overall hit $23 billion, up from $19.9 billion a year earlier.