Retirement
AustralianSuper tops $200bn in assets, aims for mega fund title
AustalianSuper has become the country’s first fund to top $200 billion in assets despite the harsh economic conditions which saw Australia dive into its first recession in 30 years.
AustralianSuper tops $200bn in assets, aims for mega fund title
AustalianSuper has become the country’s first fund to top $200 billion in assets despite the harsh economic conditions which saw Australia dive into its first recession in 30 years.
Australia’s largest superannuation fund just got bigger, growing its member base by 400,000 to 2.3 million Aussie workers and surpassing $200 billion in assets despite the unprecedentedly tough economic conditions that have plagued the country for several months.
Confirming his plans to stay at the helm of AustralianSuper, chief executive Ian Silk has now said that the country’s largest nest-egg manager has further growth plans, setting its targets at becoming a $300 billion giant with a flourishing overseas portfolio.
Over the last financial year, 400,000 Aussies have entrusted their retirement savings to AustralianSuper, helping it tip its AUM over that $200 billion mark.
Essentially, this means that the super giant raised just under $20 billion in six months, given its AUM stood at $181.7 billion as of the June 30.
“The milestone reflects AustralianSuper’s ability to use size and scale to provide strong long-term financial returns while also driving down costs for members,” Mr Silk said in a statement issued by the fund this week.
Mr Silk said the fund’s strong investment performance had been supported by a continuing effort to reduce costs to members.
“Investment management fees have reduced by 30 per cent over the last 10 years,” he said.
“AustralianSuper’s internalisation of investment management has seen members save $200 million alone in the past year.”
According to the giant, a member with $50,000 invested in the Balanced option from 30 June 2006 would have seen that grow to $133,382 as at 30 November 2020. A $100,000 investment for the same period would now be worth $266,763.
Mr Silk said that as well as supporting working Australians to help them achieve their best possible retirement outcome, AustralianSuper also played a significant role in supporting the Australian economy.
“AustralianSuper invests over $43 billion in Australian companies and has been a provider of growth capital to many Australian companies,” Mr Silk said.
“For the past two financial years, AustralianSuper has contributed $590 million a year in new capital to support ASX-listed companies.
“During the period of extreme market volatility earlier in 2020, the fund supported 20 Australian companies with $380 million in new capital to stabilise their businesses.”
AustralianSuper recently cracked the lid on the top 50 largest asset owners in the world. According to the Asset Owner’s 100 research conducted by the Thinking Ahead Institute, AustralianSuper moved up 10 spots to 43rd position.
About the author
About the author
Superannuation
Aware Super takes on Australia's gender retirement gap, aiming for financial equality
Aware Super, one of Australia's largest superannuation funds with a 70 per cent female membership, is on a mission to close the gender gap that sees women retire with 30 per cent less super than men ...Read more
Superannuation
Age Pension increase prompts Australians to review their finances
The increase in the Age Pension, which takes effect today, should serve as a prompt for many older Australians to ensure they're maximizing their income as cost-of-living pressures persist, according ...Read more
Superannuation
Retirement reimagined as Australian optimism meets inflation worries in 2023 super fund insights
The latest reports on retirement confidence among Australians present a spectrum of sentiments, with fresh data revealing surprising optimism in some quarters while exposing underlying concerns in ...Read more
Superannuation
Aussie retirees face a shortfall as ideal retirement nest egg doubles what super will deliver
As Australians look towards retirement, the desired superannuation balance that many believe will ensure a comfortable retirement has significantly outpaced what they are on track to actually save. Read more
Superannuation
Super funds eye 6.5% return in 2023, despite a rocky start
As the year draws closer to its climax, Chant West unveils its projection for super funds in what can only be described as a year of economic ebbs and flows. Read more
Superannuation
A deep dive into Australia’s superannuation system
Australia has a robust retirement savings system known as superannuation designed to provide financial security to Australians in their post-work years. Read more
Superannuation
50,000 super fund members impacted by data breach
Around 50,000 member records were impacted by the breach that took place earlier this month. Read more
Superannuation
Two super funds tipped to reach $1tn by 2040
KPMG has released the findings from a new review. Read more
Superannuation
Aware Super takes on Australia's gender retirement gap, aiming for financial equality
Aware Super, one of Australia's largest superannuation funds with a 70 per cent female membership, is on a mission to close the gender gap that sees women retire with 30 per cent less super than men ...Read more
Superannuation
Age Pension increase prompts Australians to review their finances
The increase in the Age Pension, which takes effect today, should serve as a prompt for many older Australians to ensure they're maximizing their income as cost-of-living pressures persist, according ...Read more
Superannuation
Retirement reimagined as Australian optimism meets inflation worries in 2023 super fund insights
The latest reports on retirement confidence among Australians present a spectrum of sentiments, with fresh data revealing surprising optimism in some quarters while exposing underlying concerns in ...Read more
Superannuation
Aussie retirees face a shortfall as ideal retirement nest egg doubles what super will deliver
As Australians look towards retirement, the desired superannuation balance that many believe will ensure a comfortable retirement has significantly outpaced what they are on track to actually save. Read more
Superannuation
Super funds eye 6.5% return in 2023, despite a rocky start
As the year draws closer to its climax, Chant West unveils its projection for super funds in what can only be described as a year of economic ebbs and flows. Read more
Superannuation
A deep dive into Australia’s superannuation system
Australia has a robust retirement savings system known as superannuation designed to provide financial security to Australians in their post-work years. Read more
Superannuation
50,000 super fund members impacted by data breach
Around 50,000 member records were impacted by the breach that took place earlier this month. Read more
Superannuation
Two super funds tipped to reach $1tn by 2040
KPMG has released the findings from a new review. Read more