POWERED BY MOMENTUM MEDIA
Aware Super grows to $150b FUM
Aware Super has grown to $150 billion in funds under management (FUM), which has been achieved through the mergers with Vic Super and WA Super, and fee cuts.
VicSuper accumulation members saw a 20% reduction in administration fees, while Aware Super pension members saw an average fee reduction of approximately 10%.
Deanne Stewart, Aware Super chief executive, said these savings were some of the benefits that size and scale could provide to members, and reaching the $150 billion milestone was important for the fund.
“We know that size and scale are critical drivers to delivering better long-term retirement outcomes for our members,” Stewart said.
“As we grow, we are able to leverage our scale to drive down costs to members, maintain our record of top performance and expand the range of products, guidance, advice and education services that we can provide.
“Through our increased scale we are also in a position to in-source our member administration and deliver market-leading digital services to ensure our members can access simple, streamlined support.
“Our aim is to ensure our members can access the best financial education, advice and guidance when and how they need it, all while enjoying top-10 performance and low fees.”
Damian Graham, Aware Super chief investment officer (CIO), said they would need to continue to adapt and change their approach as the fund grows to be a $250 billion-plus one in the future.
“This will mean continuing to develop our internal capability and building out our team both in Australia and globally,” Graham said.
“We will also look to expand our portfolio within Australia and internationally. This trend has already started, as demonstrated by some of our recent investments in multi-family housing projects in Spain and the US, and our increased exposure to renewables and new technologies globally.”
Recommended for you
In its pre-election policy document, the FSC highlighted 15 priority reforms, with superannuation featuring prominently, urging both major parties to avoid changing super taxes without a comprehensive tax review.
The Grattan Institute has labelled the Australian super system as “too complicated” and has proposed a three-pronged reform strategy to simplify superannuation in retirement.
Super funds delivered a strong 2024 result, with the median growth fund returning 11.4 per cent, driven by strong international sharemarket performance, new data has shown.
Australian Ethical has seen FUM growth of 27 per cent in the financial year to date.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
Spire Oaktree Opportunities XI Second Close
36.43 3 y p.a(%)
2
Spire Oaktree Opportunities XI First Close USD
35.08 3 y p.a(%)
3
DomaCom Lot 21 Chellaston Road Munno Para West SA 5115 Australia
31.72 3 y p.a(%)
4
Fidante Credit Suisse Global Private Equity
29.60 3 y p.a(%)
5
Global X GlobalX FANG+ ETF
27.64 3 y p.a(%)
