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.
RELATED ARTICLES
About the author
About the author
Superannuation
Australia's super performance test transforms investing: What's the next move?
APRA’s latest performance test has done more than name and shame lagging super options; it has rewired investment strategy, compressed fees and accelerated consolidation across the $3Read more
Superannuation
Australia's super test dilemma reform could boost long-term gains while keeping accountability sharp
APRA’s latest performance test results have reignited a structural debate: can Australia hold funds to account while still backing the nation’s long-horizon investment needs? With the government ...Read more
Superannuation
Super funds rethink strategy as APRA's performance test hits a fork in the road
The latest performance test results have reignited debate over Australia’s superannuation benchmarking regime and prompted a formal government review. Behind the headlines, boards are quietly rewiring ...Read more
Superannuation
Aware Super enhances digital tools for financial advisers, boosting efficiency and client engagement
Aware Super has unveiled a suite of new digital features designed to streamline the workflow for financial advisers and their clients. This significant upgrade includes direct data feeds to Xplan and ...Read more
Superannuation
Super funds flip the script as APRA's performance test sparks strategic overhaul
Australia’s performance test has lifted the floor on retirement outcomes—and divided the industry in the process. After early shockwaves, failure rates have fallen and fees have trended down, but ...Read more
Superannuation
Rewiring Australia’s super performance test: from compliance brake to capital engine
Can an accountability tool double as a nation-building lever? Canberra’s review of the superannuation performance test aims to preserve member protection while freeing funds to back long-dated assets ...Read more
Superannuation
Superannuation guarantee rate rises to 12 per cent as parental leave changes take effect
The superannuation guarantee rate has increased from 11.5 per cent to 12 per cent from Tuesday, with super contributions also being added to Commonwealth Parental Leave Pay for the first time. Read more
Superannuation
Rest's Sustainable Growth option achieves highest sustainability classification
Rest superannuation fund has achieved the highest sustainability classification for its Sustainable Growth investment option from the Responsible Investment Association Australasia. Read more
Superannuation
Australia's super performance test transforms investing: What's the next move?
APRA’s latest performance test has done more than name and shame lagging super options; it has rewired investment strategy, compressed fees and accelerated consolidation across the $3Read more
Superannuation
Australia's super test dilemma reform could boost long-term gains while keeping accountability sharp
APRA’s latest performance test results have reignited a structural debate: can Australia hold funds to account while still backing the nation’s long-horizon investment needs? With the government ...Read more
Superannuation
Super funds rethink strategy as APRA's performance test hits a fork in the road
The latest performance test results have reignited debate over Australia’s superannuation benchmarking regime and prompted a formal government review. Behind the headlines, boards are quietly rewiring ...Read more
Superannuation
Aware Super enhances digital tools for financial advisers, boosting efficiency and client engagement
Aware Super has unveiled a suite of new digital features designed to streamline the workflow for financial advisers and their clients. This significant upgrade includes direct data feeds to Xplan and ...Read more
Superannuation
Super funds flip the script as APRA's performance test sparks strategic overhaul
Australia’s performance test has lifted the floor on retirement outcomes—and divided the industry in the process. After early shockwaves, failure rates have fallen and fees have trended down, but ...Read more
Superannuation
Rewiring Australia’s super performance test: from compliance brake to capital engine
Can an accountability tool double as a nation-building lever? Canberra’s review of the superannuation performance test aims to preserve member protection while freeing funds to back long-dated assets ...Read more
Superannuation
Superannuation guarantee rate rises to 12 per cent as parental leave changes take effect
The superannuation guarantee rate has increased from 11.5 per cent to 12 per cent from Tuesday, with super contributions also being added to Commonwealth Parental Leave Pay for the first time. Read more
Superannuation
Rest's Sustainable Growth option achieves highest sustainability classification
Rest superannuation fund has achieved the highest sustainability classification for its Sustainable Growth investment option from the Responsible Investment Association Australasia. Read more
