Super and investment funds down in March
Super and retirement incomes sector saw a fall by 3.4 per cent to $1.10 trillion in funds under management or administration (FUM/A) in the 12 months to March 2016, according to a study by DEXX&R.
The Market Share Report said that negative earnings in this period more than offset new money flowing into this sector, leading the funds held in retail and wholesale managed funds to decrease by $39 billion at the end of March, counting year-on-year.
Among the segments in retail markets with the greatest decline was personal super, which experienced a drop in FUM of eight per cent to $193.3 billion at the end of March against $209.9 billion a year before.
At the same time, the retirement incomes segment posted the smallest drop in FUM of 1.1 per cent which amounted to $168.3 billion in March 2016 and showed only a slight drop from $170.3 billion in the same period in 2015.
As far as the largest retail and wholesale managers are concerned, Westpac posted the biggest drop in FUM by 8.9 per cent, followed by CBA with a 4.3 per cent drop, while NAB and AMP recorded a 3.5 per cent and 1.6 per cent falls, respectively.
During the March quarter, the total FUM/A were down by 2.1 per cent, reaching $1,104 billion, which translated to a decrease of $24 billion.
AUTHOR
Oksana Patron
Recommended for you
The financial services technology firm has officially launched its digital advice and education solution for superannuation funds and other industry players.
The ETF provider has flagged a number of developments as it formally enters the superannuation space through a major acquisition.
While all MySuper products successfully passed the latest performance test, trustee-directed products encountered difficulties.
Iress has appointed Insignia Financial’s former general manager of master trust and insurance products as its newest CEO of superannuation, who will take over from Paul Giles.
