The super and retirement incomes sector saw a fall of 3.4 per cent to $1.10 trillion in funds under management or administration (FUM/A) in the 12 months to March 2016, according to DEXX&R data.
The market share report said that negative earnings in this period more than offset new money flowing into the sector, leading the funds held in retail and wholesale managed funds to decrease $39 billion at the end of March, counting year-on year.
Among the segments in retail markets, the greatest decline was personal super which experienced a FUM drop of eight per cent to $193.3 billion at the end of March, against $209.9 billion a year before.
At the same time, the retirement incomes segment posted the smallest drop in FUM of 1.1 per cent which amounted to $168.3 billion in March 2016, and showed only a slight drop from $170.3 billion in the same period in 2015.
As far as the largest retail and wholesale managers were concerned, Westpac posted the biggest drop in FUM at 8.9 per cent, followed by CBA (-4.3 per cent), NAB (-3.5 per cent) and AMP (-1.6 per cent).
During the March quarter, the total FUM/A was down 2.1 per cent, reaching $1.1 trillion, which translated to a decrease of a $24 billion.
Australia’s second largest super fund has added thermal coal companies to its list of investment exclusions.
The fund has expanded its corporate superannuation solutions to partner with Australian businesses of all sizes.
The chief executive of Aware Super anticipates a significant shift in how ESG factors will influence portfolio values in the next six years, surpassing the changes witnessed in the past two decades.
In a recent statement, shadow assistant minister for home ownership and Liberal senator for NSW, Andrew Bragg, accused ‘big super’ of fabricating data attributed to the Reserve Bank of Australia to push their agenda.
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