POWERED BY MOMENTUM MEDIA
Super growth ‘outstripped’ by retail FUM
Growth in retirement incomes and superannuation has been "outstripped" by a rise in retail and wholesale funds under management (FUM) and advice over the 12 months to December 2015, according to DEXX&R.
The results are part of research house's analysis market share report which is based on retail and wholesale FUM and advice data as at 31 December 2015.
According to the report, FUM and advice held in retail and wholesale managed funds increased by 5.3 per cent to $1.13 trillion over the 12 month period. This is an increase of $57 billion on the December 2014 figure of $1.07 trillion.
Of the top five personal superannuation managers, DEXX&R's study showed that Westpac saw a 2.4 per cent increase in FUM and advice to $32.1 billion, AMP recorded a 3.4 per cent increase to $48 billion, CBA recorded a 1.6 per cent increase to $39.2 billion, and IOOF recorded a 1.8 per cent increase to $11.9 billion.
However, NAB recorded a 19.3 per cent decrease to $29.5 billion which DEXX&R attributed to MLC transferring Personal Super FUM to Employer Super during the June, 2015 quarter.
In the employer superannuation segment, the findings show 28 per cent of the total FUM and advice is now held in each product's MySuper options, up from 21 per cent at September 2015. This increase was mainly due to the OnePath Corporate Super funds under management being transferred to the MySuper ANZ SmartChoice Employer Fund.
"Eighteen per cent of total funds under management continues to be held in default options," the report states.
"Other investment options including multi-sector, Australian shares and overseas investments account for 54 per cent of total [funds under management and advice] down from 61 per cent at September, 2015."
AUTHOR
Daniel Paperny
Daniel Paperny is a technology journalist for Cirrus Media, writing for financial services mastheads FST Media, Money Management and Super Review. Previously, Daniel was the editor of the Bondi View newspaper, focusing on investigative news reporting in current affairs, finance, sports and politics.
Recommended for you
The two funds have announced the signing of a non-binding MOU to explore a potential merger.
The board must shift its focus from managing inflation to stimulating the economy with the trimmed mean inflation figure edging closer to the 2.5 per cent target, economists have said.
ASIC chair Joe Longo says superannuation trustees must do more to protect members from misconduct and high-risk schemes.
Super fund mergers are rising, but poor planning during successor fund transfers has left members and employers exposed to serious risks.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
DomaCom DFS Mortgage
88.01 3 y p.a(%)
2
Global X 21Shares Bitcoin ETF
72.60 3 y p.a(%)
3
Global X GlobalX FANG+ ETF
44.46 3 y p.a(%)
4
Pengana High Conviction Equities B
39.12 3 y p.a(%)
5
Pengana High Conviction Equities A
39.05 3 y p.a(%)
