Self-managed funds seem to be doing well for themselves
Self-managed funds have continued to be Australia's fastest growing sector in superannuation, according to the Australian Prudential Regulation Authority (APRA).
Figures in APRA's latest bulletin suggest assets managed in self-managed funds (or DIY funds as they are sometimes called) increased by 24 per cent over the 1998 calendar year. Industry funds and retail funds came in close behind, recording growth figures of 21 and 20 per cent respectively.
While self-managed, industry and retail funds continue to grab market share in superannuation, both corporate funds and public sector funds continue to show solid growth. Public sector funds grew 14 per cent in 1998 while assets managed in corporate funds increased by 10 per cent.
Superannuation assets as a whole increased by nearly 12 per cent in 1998 to $377.4 billion, including a 3.7 per cent growth in the December quarter.
Overall growth was boosted by growth in contributions to funds which increased by nearly 19 per cent for the year to $37.1 billion. Fund members lead the way, increasing contributions by 24 per cent to $14.4 billion.
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