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IFSA welcomes super fund recovery
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| John Brogden
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Investment and Financial Services Association (IFSA) chief executive John Brogden has welcomed the latest Chant West research that suggests superannuation funds are headed for their first year of positive growth since 2006-07.
The median growth fund is up 14.7 per cent for the nine months to the end of March and 23.8 per cent from the trough towards the end of February 2009, including 3 per cent in the month of March alone, according to Chant West data.
“Members who took the advice of their financial adviser and hung in throughout the market downturn should be breathing easier at the release of the latest Chant West findings,” Brogden said.
Brogden also welcomed news that for the 11th time in the past 13 months, master trusts outperformed industry funds, in some cases by almost 9 per cent.
“From February 2009 to March 2010, the median retail master trust topped 29.2 per cent as opposed to 20.5 per cent for the median industry fund,” he said. “Seventy three per cent of all assets in retail funds are not in a default investment option, which means that these retail investors have made an active choice about their superannuation asset allocation.”
AUTHOR
Mike Taylor
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