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Inflows prove bigger isn't always better: Proebstl
Legalsuper has reported a 15 per cent jump in employer contributions for the nine months to 31 March, which it says is proof that smaller industry funds are still viable against larger multi-industry funds.
Chief executive Andrew Proebstl said increasing inflows demonstrated that while some industry experts believe funds must be large to work best, this was not necessarily the case.
“As a smaller fund, Legalsuper can in some respects be a more agile investor relative to mega super funds, is more responsive to the needs of its target market, and is better able to build engagement with our members,” he said.
Proebstl said members of the fund valued its close association with, and knowledge of, the legal profession.
“These continued increases in inflows are evidence that specialised funds like Legalsuper, which serve a well-defined target market, will continue to be attractive to that target market by providing an environment in which member’s savings thrive,” he said.
Legalsuper now manages more than $1.5 billion.
AUTHOR
Ashleigh McIntyre
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