Super growth ‘outstripped’ by retail FUM

Growth in retirement incomes and superannuation has been "outstripped" by a rise in retail and wholesale funds under management (FUM) and advice over the 12 months to December 2015, according to DEXX&R.

The results are part of research house's analysis market share report which is based on retail and wholesale FUM 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.

Of the top five personal superannuation managers, DEXX&R's study showed that Westpac saw a 2.4 per cent increase in FUM and advice to $32.1 billion, AMP recorded a 3.4 per cent increase to $48 billion, CBA recorded a 1.6 per cent increase to $39.2 billion, and IOOF recorded a 1.8 per cent increase to $11.9 billion.

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However, NAB recorded a 19.3 per cent decrease to $29.5 billion which DEXX&R attributed to MLC transferring Personal Super FUM to Employer Super during the June, 2015 quarter.

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 funds under management 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 [funds under management and advice] down from 61 per cent at September, 2015."