Balanced superannuation funds furthered the September quarter’s positive momentum, posting strong results in the last month.
September saw a 1.3 per cent spike in the average median balanced option, while the first quarter of the financial year recorded a median return of 4.8 per cent - the second highest on record in the last three years, according to Super Ratings.
Australian equities were responsible for much of the positive returns, with the median superannuation Australian Shares option offering 2.5 per cent, next to the 2.2 per cent on the S&P/ASX 200 Accumulation Index.
International shares also did well, bringing in 1 per cent over the month of September.
Other asset classes, meanwhile, showed similar promise, with property options gaining 1.2 per cent and diversified fixed interest and cash options growing slightly at 0.5 and 0.2 per cent respectively.
Rest Superannuation has topped the list of balanced funds for the last five years, with a median 7.6 per cent growth, followed by the Commonwealth Bank Group and Telstra Super, each on 7.4 per cent.
Michael Lovett, who left the investment firm just three months after launching its Vanguard Super offering, has taken up a chief executive role at an Australian asset manager.
The Central Bank of Ireland has granted the approval of Equity Trustees’ exit from its Irish operations, with the transaction expected to be complete on 30 April.
Super returns continued to climb in March, raising hopes of delivering double-digit returns by June depending on the performance of this next quarter.
The dedicated super fund for emergency services and Victorian government employees is under fire for unpaid entitlements to transport employees, which could exceed $40 million.
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