SMSFs and retail funds top super growth

The latest Australian Prudential Regulation Authority (APRA) statistics have reflected the manner in which recovering markets have restored the fortunes of the superannuation sector, with total estimated superannuation assets increasing by 10.6 per cent in the September quarter to $1.2 trillion.

The data has also confirmed the manner in which the recovery in equities markets has particularly benefited retail master trusts, with retail fund assets increasing by 10.6 per cent over the quarter, compared to self-managed superannuation fund (SMSF) assets which increased by 10 per cent and industry fund assets which increased by 9.9 per cent.

According to the data, SMSFs held the largest proportion of superannuation assets, accounting for 30.9 per cent of assets, followed by retail funds with 28.3 per cent of total assets.

Industry funds accounted for 17.6 per cent of total assets, public sector funds accounted for 13.9 per cent and corporate funds for just 5 per cent.

However, when it comes to rollovers, industry funds remain the major beneficiaries, with the data revealing that industry funds received $519 million during the quarter compared to $138 million for retail funds, while the drift actually appeared to be away from corporate funds and public sector funds, which recorded negative net rollovers of $682 million and $216 million respectively.