Superannuation continues to be the central driver of growth in the Australian financial services arena, according to the latest data released by Sydney-based research house, Dexx&r.
Dexx&r says total funds under management/administration in the retail and wholesale markets combined increased by more than 15 per cent in the 12 months to March 30, with the total retail market increasing 12.7 per cent to $327 billion.
It says that within the retail market, the corporate superannuation segment increased by 20 per cent to $50 billion.
The data indicates that the major beneficiaries of these inflows were BT which recorded an increase of 33 per cent to $3 billion in funds under management and MLC, which recorded a 28 per cent to $4.9 billion while Asgard increased by 27 per cent to $1.1 billion.
The Dexx&r data shows that the personal superannuation market increased by 11.9 per cent to $103 billion, with Colonial First State dominating with a 35 per cent increase to $7.3 billion, and Macquarie registering a 33 per cent increase to $3.7 billion.
