Retail managed funds continue to be the preferred investment destination, according to the latest data released by Plan for Life.
The Plan for Life data revealed that at the end of September, retail managed funds totalled $601.6 billion, an increase of 20.9 per cent over the past year.
However, the data also made clear that there had been something of a slow-down from the record inflows earlier in the year resulting from a combination of Budget changes and the ‘better super’ initiatives.
Plan for Life said that during the September quarter, funds had grown by a more normal 2.4 per cent after an almost 7 per cent jump in the June quarter caused by a once-off opportunity to invest large sums into superannuation and retirement incomes.
It said all companies recorded double digit annual growth rates with the highest being Macquarie, St George, Australian Wealth management, Aviva, Commonwealth/Colonial, AXA Australia, AMP, ING and National Australia/MLC.
