Superannuation turns positive in October
Superannuation fund returns re-entered positive territory in October, according to the latest data released by specialist research house Chant West.
The research revealed that the median growth fund was up 3.1 per cent for October, but not enough to turn the tide for the current financial year, with the year-to-date return still sitting at minus 2.4 per cent.
Chant West principal Warren Chant said share markets had been the main drivers for growth fund performance.
"In October we saw markets rally on optimism that European leaders had devised a workable plan to stem the sovereign debt crisis," he said. "However markets have softened again in November as it becomes clear that the debt crisis has a long way to run and that the contagion effect may see Italy and possibly Spain being the next countries in need of assistance."
The more robust share market performance in October saw retail master trusts returning 3.8 per cent and outperforming the industry funds which returned 2.8 per cent.
AUTHOR
Mike Taylor
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.
