Australian fund fees competitive
Australian superannuation funds may bicker over who is more expensive, but according to new research released this week, they are among the most competitive funds in the world.
The research, undertaken by Deloitte Actuaries and Consultants for the Investment and Financial Services Association (IFSA), found that Australian funds were broadly competitive globally on administration and investment fees.
However, the research also confirmed that scale was an issue, with the larger funds being able to charge lower fees.
Commenting on the research, IFSA chief executive John Brogden noted that international comparisons were difficult due to differing regulatory systems, but that the results suggested the local industry was moving in the right direction.
"Competition and choice is delivering to consumers in important areas of retirement savings, such as superannuation fees," he said. "However, there are areas in the corporate, retail and industry funds sectors where further rationalisation can provide further benefits."
Recommended for you
The increased bids for Insignia from Bain and CC Capital value the company at $3.3 billion, while there is still a possibility for competing bids from rival players such as Brookfield.
AMP and Clime Investment Management have shared how they are harnessing the power of social media to help the firms reach a younger demographic and increase brand awareness.
The number of Australian individuals with more than US$10 million in assets has passed 42,000, rising by 3.9 per cent over the past year.
A former Northern Territory financial adviser has received a seven-year ban from ASIC, having been convicted of supplying dangerous drugs and receiving or possessing the proceeds of their sale.
