Industry funds increased 14 per cent to an average of $198 billion in the year to June 2008, some somewhat dated data on the superannuation sector published by APRA in its Insight publication shows.
The average assets of retail funds increased at less than seven per cent over the same 12-month period, reflective of the realignment in control of super savings that is one of the cornerstone battles of the financial services market.
In 2007 industry funds generated only 70 cents for every dollar in net contributions directed to retail funds.
A year later the ratio was $1.20 to one dollar and another good outcome in the industry fund sector.
Corporate funds continued their disappearing act over 2008, with APRA recording 228 such funds at June of that year, down from 289 a year before. Assets of corporate funds fell to 5.2 per cent from 5.8 per cent.
APRA said the 20 largest funds accounted for 53 per cent of sector assets. This group includes eight retail funds, six industry funds, five public sector funds and one corporate fund.
- Industry funds overtake retail on funds inflow
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03 July 2009 6:41am
