The super and retirement incomes sector saw a fall of 3.4 per cent to $1.10 trillion in funds under management or administration (FUM/A) in the 12 months to March 2016, according to DEXX&R data.
The market share report said that negative earnings in this period more than offset new money flowing into the sector, leading the funds held in retail and wholesale managed funds to decrease $39 billion at the end of March, counting year-on year.
Among the segments in retail markets, the greatest decline was personal super which experienced a FUM drop of eight per cent to $193.3 billion at the end of March, against $209.9 billion a year before.
At the same time, the retirement incomes segment posted the smallest drop in FUM of 1.1 per cent which amounted to $168.3 billion in March 2016, and showed only a slight drop from $170.3 billion in the same period in 2015.
As far as the largest retail and wholesale managers were concerned, Westpac posted the biggest drop in FUM at 8.9 per cent, followed by CBA (-4.3 per cent), NAB (-3.5 per cent) and AMP (-1.6 per cent).
During the March quarter, the total FUM/A was down 2.1 per cent, reaching $1.1 trillion, which translated to a decrease of a $24 billion.
Michael Lovett, who left the investment firm just three months after launching its Vanguard Super offering, has taken up a chief executive role at an Australian asset manager.
The Central Bank of Ireland has granted the approval of Equity Trustees’ exit from its Irish operations, with the transaction expected to be complete on 30 April.
Super returns continued to climb in March, raising hopes of delivering double-digit returns by June depending on the performance of this next quarter.
The dedicated super fund for emergency services and Victorian government employees is under fire for unpaid entitlements to transport employees, which could exceed $40 million.
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