Inflows into superannuation are continuing to grow at record rates, according to the latest data released by research house DEXX&R this week.
According to the DEXX&R data, total funds under management in the Australian retail and wholesale markets increased by 14.94 per cent to $531 billion over the 12 months to September, 2004, with the retail market increasing by 13.91 per cent to $349 billion.
DEXX&R said the retail employer superannuation market segment increased by 13.94 per cent to $51.8 billion over the period, with three of the top ten companies growing by over 22 per cent for the year. These were BT Financial Group (24.9 per cent), Colonial (22.8 per cent) and Asgard (32 per cent).
It said the personal superannuation market increased by 14 per cent to $112.4 billion, with the field being led by Macquarie which recorded an increase of 60.7 per cent to $5.4 billion, followed by Asgard with an increase of 24.4 per cent to $4.9 billion.
DEXX&R attributed the growth in Macquarie’s funds under management to the more than doubling in the size of personal superannuation business in the Macquarie Wrap Service.
The data said that in the retirement incomes market funds under management held in allocated pensions increased by 11.6 per cent to $40.7 billion, while the retail savings and investment market increased by 15.2 per cent to $131 billion.
The wholesale market, representing pooled superannuation and wholesale trusts increased by 17 per cent to $181.6 billion, with Macquarie once again showing the strongest growth with a 68.5 per cent increase to $8.9 billion, followed by Platinum with a 60.3 per cent increase to $5.9 billion and UBS Asset Management which recorded a 42.4 per cent increase to $10.7 billion.
