A SuperRatings report revealed Australian superannuation funds regained momentum after falling to 0.6per cent in September, with the median balanced option charting a 1.2 per cent rise for the month of October and making the median return for the financial year to date to 2.9 per cent.
This is up from 1.6 per cent at the end of September, with returns over the 12 months to 31 October 2014 now sitting at 8.5 per cent.
Despite returns for calendar year 2014 remaining positive, at over 5 per cent, SuperRatings projected a fall for November, with the S&P/ASX200 recording a 2.9 per cent loss for the month to date.
SuperRatings expects the median fund to have experienced a 0.4 per cent drop in November so far.
The major driver of returns in October was Australian superannuation fund's weighting to Australian shares, seeing the median Australian Shares option rising 3.5 per cent, compared to a 4.4 per cent rise in the benchmark S&P/ASX 200 Index.
The top performing balanced option funds over the last 5 years to October 2014 were Kinetic Super with 9.5 per cent and AustralianSuper, REST and Telstra Super Corp Plus all with 9.2 per cent growth.
Michael Lovett, who left the investment firm just three months after launching its Vanguard Super offering, has taken up a chief executive role at an Australian asset manager.
The Central Bank of Ireland has granted the approval of Equity Trustees’ exit from its Irish operations, with the transaction expected to be complete on 30 April.
Super returns continued to climb in March, raising hopes of delivering double-digit returns by June depending on the performance of this next quarter.
The dedicated super fund for emergency services and Victorian government employees is under fire for unpaid entitlements to transport employees, which could exceed $40 million.
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