Key Takeaways
- • State Street Corp.'s assets under management in Australia surged 50% over the 15 months through March to A$427 billion, with most held by superannuation funds, according to the firm.
- • JPMorgan Chase & Co.'s Australian assets have grown 55% over the past 12 months.
- • Morgan Stanley doubled its Australian mandates to more than A$25 billion.
- • Australia's superannuation system holds roughly A$4.1 trillion ($2.7 trillion), and Wall Street firms are competing aggressively for a larger share of it.
Summary
Australia's pension funds are rapidly increasing their allocations to major US financial institutions as competition intensifies for access to the country's A$4.1 trillion ($2.7 trillion) retirement pool, according to Bloomberg.
State Street Corp. reported that its assets under management in Australia rose 50% over the 15 months through March, reaching A$427 billion. The Boston-based firm said most of those assets are held with superannuation funds, its response to Bloomberg's questions indicated. JPMorgan Chase & Co. has grown its Australian assets by 55% over the past 12 months. Morgan Stanley doubled its Australian mandates to more than A$25 billion over the same period.
The figures point to a shift in how Australian superannuation funds are allocating capital, with large global asset managers and custodians gaining share as the system continues to expand. The article frames the trend as a rivalry among Wall Street firms for mandates in one of the world's largest pools of pension capital.
State Street Corp. reported that its assets under management in Australia rose 50% over the 15 months through March, reaching A$427 billion. The Boston-based firm said most of those assets are held with superannuation funds, its response to Bloomberg's questions indicated. JPMorgan Chase & Co. has grown its Australian assets by 55% over the past 12 months. Morgan Stanley doubled its Australian mandates to more than A$25 billion over the same period.
The figures point to a shift in how Australian superannuation funds are allocating capital, with large global asset managers and custodians gaining share as the system continues to expand. The article frames the trend as a rivalry among Wall Street firms for mandates in one of the world's largest pools of pension capital.
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