Business
APRA labels 90pc of super funds ‘uncompetitive’ – The Australian Financial Review
APRA’s superannuation tsar has labelled super funds with less than $30 billion under management “uncompetitive” and says fees are still too high.
The average super fund trustee oversees a fund with $11 billion in assets, according to Ms Rowell.
While APRA has been actively pushing small funds to merge for some time, this is the first time the prudential regulator has been explicit about the minimum acceptable size of a fund.
All things being equal, the evidence suggests that larger funds are better placed to deliver stronger investment performance and lower fees, said Ms Rowell.
While 70 APRA-regulated funds have finalised mergers over the…
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