Key Takeaways
- • State Street Corp.'s assets under management in Australia rose 50% in the 15 months through March to A$427 billion, with most held by superannuation funds, according to the Boston-based firm.
- • JPMorgan Chase & Co.'s Australian assets grew 55% over the past 12 months, while Morgan Stanley doubled its Australian mandates to more than A$25 billion.
- • Australia's retirement system holds roughly A$4.1 trillion ($2.7 trillion), and is reportedly drawing over A$1 billion in inflows each week, making it a priority market for US asset managers.
- • Australia's superannuation pool is projected to become the second-largest retirement savings pool globally by the 2030s, per industry commentary.
Summary
US financial heavyweights are rapidly expanding their presence in Australia's superannuation industry, according to Bloomberg. Australia's pension funds are increasing allocations to large American asset managers as competition intensifies for access to the country's A$4.1 trillion ($2.7 trillion) retirement pool.
State Street Corp. reported that its assets under management in Australia surged 50% in the 15 months through March, reaching A$427 billion, with most of that held by superannuation funds. JPMorgan Chase & Co.'s Australian assets have grown 55% over the past 12 months, and Morgan Stanley has doubled its Australian mandates to more than A$25 billion.
Wall Street's interest reflects the scale and growth of the market. Supplementary coverage indicates the sector is reaping more than A$1 billion in inflows every week, and that Australia's retirement savings pool, now worth more than A$4.4 trillion by some estimates, is on track to become the second-largest globally by the 2030s. Coverage also notes that the country's top superannuation funds are looking for opportunities beyond the United States.
Note that the full Bloomberg article could not be retrieved; this summary is based on available headlines, snippets, and related coverage, and figures are as reported by those sources.
State Street Corp. reported that its assets under management in Australia surged 50% in the 15 months through March, reaching A$427 billion, with most of that held by superannuation funds. JPMorgan Chase & Co.'s Australian assets have grown 55% over the past 12 months, and Morgan Stanley has doubled its Australian mandates to more than A$25 billion.
Wall Street's interest reflects the scale and growth of the market. Supplementary coverage indicates the sector is reaping more than A$1 billion in inflows every week, and that Australia's retirement savings pool, now worth more than A$4.4 trillion by some estimates, is on track to become the second-largest globally by the 2030s. Coverage also notes that the country's top superannuation funds are looking for opportunities beyond the United States.
Note that the full Bloomberg article could not be retrieved; this summary is based on available headlines, snippets, and related coverage, and figures are as reported by those sources.
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