MySuper lags behind default
Default superannuation funds continued to hold a larger share of the employer super segment, despite a fall in funds under management in the last quarter of 2015, DEXX&R data revealed.
The DEXX&R Market Share Report for the period ending 30 June 2015 showed 23 per cent of total funds under management and advice (FUM/A) was now held in default options, compared to 26 per cent in the previous quarter.
Although it had dipped, it was still well ahead of total FUM/A held in the MySuper option, which stood at 16 per cent, down from 13 per cent at March 2015.
Other investment options including multi-sector, Australian shares, and overseas investments remained unchanged from March 2015, at 61 per cent of FUM/A.
Meanwhile, FUM/A in the retirement incomes segment declined by 1.9 per cent or $3.2 billion, to $167 billion at June 2015, down from $170 billion at March 2015.
In the year to June, AMP FUM/A went up 18 per cent to $31.5 billion, IOOF increased by 14.2 per cent to $11.6 billion, while the Commonwealth Bank and NAB shot up by 13.5 per cent to $41.1 billion and $22.5 billion respectively.
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