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SMSFs rule the super assets roost
Self-managed superannuation funds (SMSFs) held the largest proportion of superannuation fund assets at the end of last year, according to the latest data compiled by the Australian Prudential Regulation Authority (APRA).
The data, covering the December quarter of last year, revealed that SMSFs accounted for 31 per cent of assets, followed by retail funds with 28.2 per cent, industry funds with 17.2 per cent and public sector funds with 14.2 per cent.
Corporate funds accounted for just 5.1 per cent of assets, while small APRA funds held 0.3 per cent.
The APRA data represents an important snapshot of the industry in circumstances where, while both retail and industry funds boast the bulk of members, it is the SMSF sector which now controls the greater proportion of assets.
However, like all other superannuation sectors, SMSFs took a hit in the December quarter with assets decreasing by 4.8 per cent while those held in industry funds declined by 8 per cent and those in retail funds decreased by 10.7 per cent.
The APRA data confirmed that while the global financial crisis had taken a toll on Australian superannuation fund assets, the inflows generated by the superannuation guarantee had ensured that total assets remained comfortably over the $1 trillion mark.
The data revealed that total estimated superannuation assets decreased by 7.6 per cent in the December quarter to $1.05 trillion and that in the 12 months to December total superannuation assets declined by 14.8 per cent.
AUTHOR
Mike Taylor
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