AustralianSuper slips out of Top 1000 Companies
AustralianSuper has been knocked out of the top ten in IBISWorld's 2014 Top 1000 Companies list, moving to 15 despite financial services being one of the fastest growing industries.
The country's largest industry superannuation fund was the only firm to slip out of the top 10 from last year where it ranked tenth and had $21.2 billion in revenue.
BHP Billiton held on to the top stop with $73 billion in revenue, $11.8 billion more than second-placed Woolworths.
All four big banks retained top 10 positions and other top superannuation firms kept their rank with AMP ranking 17, Suncorp at 21, and QSuper that dropped one spot to 29.
Commenting on the financial services and superannuation industry performance in the list IBISWorld Senior Industry analyst, Stephen Gargano, said the financial sector continued to dominate the list with companies accounting for 138 positions in the Top 1000.
"Easing investment returns have caused some superannuation funds to slide slightly in this year's list. However, this is largely due to more remarkable growth in previous years," he said.
"Despite occupying slightly lower positions in the Top 1000, the performance of the superannuation industry remains strong."
According to the IBISWorld 2015 Superannuation Funds in Australia Report AustralianSuper announced in 2013 that it will set up an internal management team for Australian equities. The fund hopes to save $100 million in annual fees by managing its domestic and international funds internally.
AustralianSuper's assets are forecast to grow at a compound annual rate of 21.7 per cent over the five years through 2014-15, to reach $88.2 billion. The super fund is expected to continue growth through merger and acquisition activity, with AUST(Q) being the latest merger in January 2014, the report said.
The Top 1000 list provides an overview of Australia's largest private, public, and government organisations, ranked by revenue.
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