Retail investment (non-super) growth outstripped employer superannuation and personal super funds under management and advice (FUM/A), according to DEXX&R.
DEXX&R’s latest Analysis Market Share Report based on retail and wholesale FUM/A found retail investment FUM/A increased 5.7 per cent ($10.7 billion) to $197.7 billion over the year to December 2016.
Macquarie recorded the top increase of 8.8 per cent to $51.1 billion, followed by Westpac (8.4 per cent to $42.8 billion), and Commonwealth Bank (six per cent to $33.1 billion).
Personal super recorded a 3.1 per cent increase of $6 billion, employer super a three per cent increase of $4.5 billion and retirement incomes a 3.2 per cent increase of $5.9 billion.
FUM/A held in retail and wholesale managed funds increased by 2.8 per cent to $1.16 trillion over the year to December 2016.
Within the five largest retail and wholesale managers, Westpac recorded the highest growth at 5.6 per cent to $139.7 billion, followed by AMP (5.2 per cent to $151.3 billion), NAB (3.4 per cent to $157.8 billion), and Commonwealth Bank (0.2 per cent to $142.2 billion).
The report also found over the same period, retirement income FUM/A increased by 3.2 per cent, or $5.8 billion, to $187.3 billion at December 2016.
A member of the super fund has approached ASIC to investigate potentially misleading or deceptive representations by UniSuper regarding the holdings of its sustainable portfolios.
The median growth fund delivered 1.9 per cent in March, adding to the “stunning” rally that has seen super funds gain 11 per cent since November.
Vanguard has affirmed its support for the current super performance test, emphasising the importance of keeping the process straightforward.
While some superannuation funds have gone down the route of internalisation, others say they favour ‘smart partnering’ with external managers for diversification appeal.
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