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DEXX&R reveals annual FUMA stats
Funds under management and advice (FUMA) held in retail and wholesale for profit managed funds decreased by 9.9% to $1.36 trillion over the 12 months to September 2022.
Data from DEXX&R showed this was a decrease of $149 billion on September 2021.
The largest decreases were seen in Macquarie which was down 2.9%, Westpac down 2.6% and Insignia (ex-NAB) which was down by 2.2%.
Industry and public sector super fund FUMA increased by 0.2% to $1.413 trillion over the 12 months, up from $1.410 trillion in September 2021.
Looking at specific industry funds, Australian Super saw its FUMA increase by 11.5% over the 12 months to $268 billion.
Australian Retirement Trust (ART), formed from the merger of QSuper and Sunsuper, had FUMA of $224 billion while Aware Super increased by 0.6% to $144 billion.
However, UniSuper decreased by 0.3% to $89.5 billion and REST decreased by 0.7% to $66.3 billion.
On a quarterly basis, FUMA held in retail and wholesale for profit managed funds decreased by 3.3% to $1.36 trillion, down from $1.40 trillion at June 2022.
Meanwhile, personal super FUMA decreased by 12% to $37.5 billion to $274.5 billion. However, DEXX&R said this was related to changes by Westpac.
“Some of this decrease can be attributed to Westpac reclassifying $18.3 billion from its “Super for life” product from personal to corporate during December 2021 quarter.”
AUTHOR
Laura Dew
Laura Dew is editor at Super Review. Prior to joining SR, she spent five years working at Investment Week in the UK covering asset and wealth management.
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