Australia’s march toward having $1 trillion in managed funds continues, with $838.7 billion being amassed as at March 31.
According to the Australian Bureau of Statistics’ (ABS) latest Managed Funds Report, the $838.7 billion figure represents an increase from the December quarter of $26.1 billion, or 3.2 per cent.
The assets in superannuation funds increased by $22.5 billion to $434.7 billion, a jump of 5.5 per cent, while public unit trusts rose 1.9 per cent to a consolidated $171.1 billion.
These vehicles took up the slack of life insurance office statutory funds, cash management trusts and common funds, which stood little changed by the end of the quarter at $184.3 billion, $34.7 billion and $9.5 billion respectively.
Friendly societies, meanwhile, suffered a 1.1 per cent decline to $4.5 billion.
Australian investment managers had $821.4 billion under management at March 31, a 2 per cent or $16.5 increase in the preceding three months. These managers ran $555.4 billion of consolidated managed fund assets, about two-thirds of the total.
