Macquarie reaps inflow benefits of $1 million super
Neil Roderick
The Federal Government’s new ‘simpler super’ regime has been responsible for a surge in contributions, according to Macquarie Adviser Services.
The head of Macquarie Adviser Services, Neil Roderick, said the firm had already received more than $700 million in superannuation contributions as a direct result of the Federal Government allowing $1 million in lump sum contributions prior to June 30.
He said Macquarie Adviser Services had already noticed a considerable increase in superannuation activity among its intermediary clients, with a significant number of new accounts having been opened by advisers whose clients want to take advantage of the $1 million opportunity.
“We have also seen a material increase in inflows into both the Macquarie Cash Management Trust and Macquarie Wrap,” he said.
“In the weeks from 1 March to the end of April, we had more than $700 million in inflows in $1 million deposits, which indicates to us that investors are taking advantage of the $1 million contribution opportunity,” he said.
Roderick said this trend was an early indication that the inflows would continue to increase up to June 30.
AUTHOR
Mike Taylor
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