Super scale – how much is enough?

Despite consolidation efforts to date, there are still a large number of small to medium size collective super funds. One of the objectives of the Stronger Super reforms is to encourage scale. But how much scale is enough? All things being equal, funds’ boards generally want to maintain their independence. But they also have an […]

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Reading the tea leaves: simple numbers say a lot about funds

You can derive amazing insights about super funds, their health, and their performance relative to competitors from a deep drill into the numbers. But even some of the most basic data can tell you quite a lot about what a fund is thinking about – or should be. For example, consider member metrics. You can […]

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Short-form PDS: got your docs in a row?

One of the less appreciated areas of change in our industry is the transition to shorter PDSs. The new regime becomes compulsory for in-scope products from 22 June this year, taking the secateurs to the product disclosure statement (PDS) thicket, slashing them to just 8 pages. While the aims are laudable, the reality is that […]

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Australia’s large super funds – some key metrics

For analysts and observers of the Australian superannuation market, here are a few key metrics from the Tria Super Funds Review – to be digested over Easter along with chocolate (it’s much healthier): Number of large funds & AUM 81 funds with $820 bn System AUM growth 2011 11% Underlying growth 2011 5% Biggest player […]

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New: Tria launches Super Funds Review

Today marks the launch of the Tria Super Funds Review – our brand new research guide to the business metrics that matter in superannuation. Designed for superannuation competitors and major suppliers, particularly senior management, boards, and strategy groups, the focus of the Review is competitive positioning and performance, rather than investment performance and features. The […]

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Term Deposit rates: is the elephant leaving the room?

High term deposit rates have been the elephant in the room for income objective asset managers since 2008. The traditional retail mortgage fund category looks mortally wounded, and most fixed income funds (and other income funds for that matter) have suffered sustained outflows. While high headline TD rates have been an important problem, from a […]

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ASIC’s advertising guidelines & the real estate loophole

Last month, Australia’s securities regulator ASIC released RG234, a regulatory guide prescribing good practice in the advertising of financial products and advice. Overall RG234 makes sense. It is important to place parameters around the advertising of products and advice, and there have been too many past examples of aggressively advertised products (from Estate Mortgage onwards) […]

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The trouble with annuities – learning from the UK experience

As Australia’s population ages, and the superannuation system shifts towards pensions, an increasing amount of attention is being given to optimal retirement income strategy. Australia has a sophisticated understanding of how to run the accumulation phase of a defined contribution system, but much less of how to run the pension phase. There are two key […]

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Resurgence – how the SMSF tide can rise further (SMSF growth part 3)

Over the past couple of weeks, we’ve reviewed the data indicating that SMSF growth has moderated, as contribution caps have started to bite and the average new SMSF has shrunk. But what does this say about future growth prospects? Although SMSFs account for ~$400bn in assets, SMSF membership is still only ~5% of the working […]

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SMSF high tide? (has SMSF growth peaked, part 2)

Last week’s Trialogue questioning SMSF growth created a lot of interest – so to mark the SPAA conference we thought we’d follow up with some further analysis. Let’s be clear – we are not suggesting that SMSF growth has ceased. We are suggesting that the growth rate may have peaked, with the SMSF segment coming […]

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