A surge in retail and wholesale funds under management (FUM) and advice has seen the sector “outstrip” superannuation growth over the 12 months to December, 2015, according to new findings by research house DEXX&R.
The results are part of DEXX&R’s analysis market share report which is based on retail and wholesale funds under management and advice data as at 31 December, 2015.
According to the report, FUM and advice held in retail and wholesale managed funds increased by 5.3 per cent to $1.13 trillion over the 12 month period. This is an increase of $57 billion on the December 2014 figure of $1.07 trillion.
Amongst the five largest retail and wholesale managers, DEXX&R’s study showed that NAB recorded a 4.7 per cent increase to $152.5 billion, AMP a 7.3 per cent increase to $143.8, CBA a 4.1 per cent increase to $143 billion, and Macquarie a 23.1 per cent increase to $86.7 billion.
In the employer superannuation segment, the findings show 28 per cent of the total FUM and advice is now held in each product’s MySuper options, up from 21 per cent at September, 2015. This increase was mainly due to the OnePath Corporate Super funds under management being transferred to the MySuper ANZ SmartChoice Employer Fund.
“Eighteen per cent of total FUM continues to be held in default options,” the report states.
“Other investment options including multi-sector, Australian shares and overseas investments account for 54 per cent of total [FUM and advice] down from 61 per cent at September, 2015.”
