Financial product registrations were 9 per cent higher in the first quarter of 2023 than the five-year rolling average for the same period, with superannuation products leading the charge.
There were 199 product registrations in the first quarter despite a slow start to the calendar year.
Of this, super products comprised 53 registrations, marking an increase of 75 per cent on the rolling five-year average for the period.
Meanwhile, registrations of managed investment products were up almost 4 per cent on the quarterly average over the past five years (131).
Managed accounts product registrations were in line with the rolling five-year average for the period (14).
APIR chief executive Chris Donohoe said: “Overall, despite the turbulent economic and political conditions, we have seen continued growth across our product categories in the March 2023 quarter.
“The trend in registrations of traditional managed investment and managed account products remains, with both matching the five-year rolling average for the quarter.
“Interestingly, much of the quarterly growth can be attributed to some of our clients refreshing superannuation investment options offered on their menus.”
Notably, 45 per cent of new managed fund registrations were wholesale products, Donahoe said, compared to 35 per cent for the previous two quarters.
“There was also a significant increase in fund of fund products registered at 22, while after many months of strong registrations closed-end funds dropped to 35 during the period, less than half the number registered in the December 2022 quarter,” he added.
“It will be interesting to keep an eye on these emerging trends as product manufacturers continue to respond to the changing domestic and international economic challenges.”
