Australian managed funds hit $838 billion
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.
Recommended for you
The top five licensees are demonstrating a “strong recovery” from losses in the first half of the year, and the gap is narrowing between their respective adviser numbers.
With many advisers preparing to retire or sell up, business advisory firm Business Health believes advisers need to take a proactive approach to informing their clients of succession plans.
Retirement commentators have flagged that almost a third of Australians over 50 are unprepared for the longevity of retirement and are falling behind APAC peers in their preparations and advice engagement.
As private markets continue to garner investor interest, Netwealth’s series of private market reports have revealed how much advisers and wealth managers are allocating, as well as a growing attraction to evergreen funds.
