Funds under management and advice (FUM/A) in the retail and wholesale managed sector was up by 7.6 per cent to $1.1 trillion over the 12 months to September, according to DEXX&R data.
The latest data showed this was an increase of $78 billion on the September 2014 figure of $1.02 trillion.
Macquarie recorded the largest increase of 10.5 per cent to $77.2 billion, while AMP recorded a 9.5 per cent increase to $141.6 billion.
The retirement incomes segment recorded the strongest growth of 10.5 per cent, or $15.8 billion, to reach $165.8 billion at September 2015, with AMP recording a 12.5 per cent increase to $31.2 billion.
However, the segment recorded a one per cent fall in the September quarter to $164 billion at September 2015.
The retail investment (non-super segment) jumped 7.7 per cent to $171 billion at September, with NAB increasing by 13.5 per cent to $16.8 billion.
In the employer super segment, 21 per cent of total FUM/A is held in the MySuper option, up from 16 per cent at June 2015, while 18 per cent of total FUM continues to be held in default options compared to 23 per cent in the previous quarter.
Employer super FUM/A increased by 9.6 per cent to $137.8 billion at June 2015, with NAB employer super FUM/A increasing by 24.4 per cent to $35.5 billion.
BlackRock boss Larry Fink praised Australia’s superannuation system in his annual chairman’s letter.
The prudential regulator has announced it will publish new expenditure data of superannuation funds, providing details on expenses like advice, director remuneration, and payments to unions.
Affirming the UK’s growing attractiveness as an investment destination, a number of Australia’s largest investors recently joined the UK Foreign Secretary for an exclusive briefing in Canberra to discuss further opportunities for trade and growth.
The specialist superannuation law advisory practice is set to wind up, with managing partner Jonathan Steffanoni planning to bring a new offering to market.
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