Andrew Penn
Australia’s so-called ‘better super’ regime is continuing to deliver dividends for the major financial services houses, with AXA Asia Pacific announcing that total inflows in Australia and New Zealand had exceeded $15 billion for the nine months to September 30.
The company’s chief executive, Andrew Penn, said growth in retail gross and net inflows had accelerated in the September quarter to be up 41 per cent and 61 per cent respectively — due to strong inflows into superannuation.
Drilling down, the AXA Asia Pacific data showed that superannuation gross inflows had grown 35 per cent to $3.55 billion and net inflows were up 57 per cent to $1.65 billion, while investment product gross inflows had risen 48 per cent to $4.22 billion.
The big group said platform gross inflows were up 37 per cent to $3.83 billion while advice gross inflows had risen by 3 per cent to $1.20 billion.
