ANZ has claimed its Smart Choice Super product now leads the industry in value for money and innovation, with funds under management (FUM) now exceeding $4.3 billion.
The big banking group used its results announcement to the Australian Securities Exchange (ASX) to highlight the success of its super product.
The reference came as the bank announced a record statutory profit after tax of $7.5 billion with its Global Wealth Division increasing profit by 11 per cent.
It said the 11 per cent profit increase had been driven by positive performance across all business units, with insurance delivering growth in in-force premiums along with stable claims and lapse experience.
With sticky inflation plaguing Australian and global markets, super funds have seen their first negative monthly return since October 2023.
There were 25 winners at the first-ever Australian Wealth Management Awards, held in Sydney last night.
Over 90 finalists have been chosen to compete at the 36th annual Fund Manager of the Year Awards.
The asset manager is bolstering its investments in the global energy transition and climate opportunities.
Well, if 'value for money' is predominently fees, this is a low-cost product. But if value is rather measured as what the customer actually gets in their super account, then I'd question this product's value proposition. While it's track record isn't sufficient to make any meaningful long term comparision, according to their own website this product underperformed many alternative funds, both bank owned and industry funds, but over 250 basis points last year. cheap, passive, investing, which is what you largely get for 50 bips might look OK on a website or in a bank branch chat, but is their a too large opportunity cost to pay in the long run - time will no doubt tell.
Well, I guess the fact that Canstar gives them 5-star 'value' awards in every super category for the last few years means they're probably doing something right. Love how people also that should know better about relying on short term fund performance, judge a product on its short term fund performance.
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