Super assets on platforms grow to 28.1%

The level of superannuation assets invested via platforms has grown by just under $100 billion over the past two years, according to the latest data published by the Australian Prudential Regulation Authority (APRA).

As recent investment fund collapses such as the Shield Master Trust and First Guardian which found their way onto platforms continue to attract regulatory attention, the latest APRA data current as at 30 June reveals that investments via platform products represent more than a quarter of all choice product assets.

The APRA data show 28.1% of all choice products are invested via platforms, represents $396.6 billion.

This compares to $298 billion or 27.3% of assets in APRA’s March, 2023, publication.

The APRA data revealed $2.68 trillion in member assets within APRA-regulated funds, with most assets sitting inside 730 choice products covering 7.7 million accounts and $1,441 billion in assets.

This compares to 52 MySuper products, accounting for 14.9 million accounts holding $1,129 billion.

Not surprisingly, the highest member balances are held by those either in or approaching retirement, with those aged 70 to 74 having the highest average balance of $299,500