The self-managed super fund (SMSF) sector showed solid asset growth in the three months to 30 September 2013, according to the SMSF Professionals' Association of Australia (SPAA).
Commenting on the latest statistics from the Australian Prudential Regulation Authority (APRA), Andrea Slattery, CEO of SPAA, noted that SMSF assets had grown to $531.5 billion in this period for an increase of $24.2 billion, or 4.8 per cent, and over the 12 months to 30 September 2013 grew $76.5 billion or 16.8 per cent.
According to Slattery, this growth illustrates the ongoing strength of the SMSF sector and the desire of people to take control of their own retirement income.
"There can be no doubting this trend, with the APRA figures also showing the number of funds grew by 6933 or 1.4 per cent in the September quarter or by 31,375 or 6.5 per cent for the 12 months to 30 September," she said.
Slattery added that SPAA expects the growth in SMSF funds under management to continue with the increased contribution caps for older Australians taking effect, stronger returns in equities and property markets, and greater investor confidence.
Originally published by SMSF Essentials.
