Data from the Australian Prudential Regulation Authority shows that industry superannuation funds recorded 13% growth in funds under management in the year to 31 March, compared with growth of 3.4% for retail funds. The industry funds sector now manages $677.5 billion on behalf of clients, while retail funds now manage $623 billion. AustralianSuper CEO Ian Silk says the industry fund enjoyed net inflows of $12.5 billion in the first 10 months of 2018-19, and it is on track to record net inflows growth of more than 60% for the full year. From The Australian:
“Since the start of the royal commission there has been a sharp rise in member contributions,” he said.
