Small super fund growth rolls-on
Small superannuation funds continue to grow quicker than other fund types after their total assets grew by $9.5 billion over the December quarter, according to the latest Super Trends released by theAustralian Prudential Regulation Authority(APRA).
All superannuation fund types experienced an increase in assets over the December quarter, but the small fund sector continues to exhibit the highest growth levels with total assets now standing at $127.5 billion - an increase of 8.1 per cent on the previous quarter.
The growth of other fund sectors over the period includes industry funds (6.6 per cent), public sector funds (4.3 per cent), retail funds (4.2 per cent) and corporate funds (1.4 per cent).
Total superannuation assets rose 3.3 per cent to $565.9 billion over the December quarter.
Contributions rose by 1.7 per cent on the last quarter to $14.8 billion, and were comprised of employer and member contributions of $9.3 billion and $5.5 billion respectively.
Directly invested superannuation was again the most prevalent method of contribution, increasing by 6.4 per cent, and representing 37.1 per cent of total superannuation assets.
Assets placed with an investment manager also increased by 1.9 per cent, accounting for 34.7 per cent of total superannuation assets.
For the various asset classes, cash and deposits showed the highest growth with a 5.5 per cent increase over the period.
Overseas assets grew by 2 per cent and interest-bearing securities held in superannuation posted a modest upsurge of 0.5 per cent.
Recommended for you
Despite the year almost at an end, advisers have been considerably active in licensee switching this week while the profession has reported a slight uptick in numbers.
AMP has agreed in principle to settle an advice and insurance class action that commenced in 2020 related to historic commission payment activity.
BT has kicked off its second annual Career Pathways Program in partnership with Striver, almost doubling its intake from the inaugural program last year.
Kaplan has launched a six-week intensive program to start in January, targeting advisers who are unlikely to meet the education deadline but intend to return to the profession once they do.
