Macquarie Adviser Services' super inflows top $17 billion

19 July 2007

Macquarie Adviser Services today released its final figures for superannuation inflows during the June quarter, showing a total of $17.7 billion was invested into superannuation through Macquarie vehicles, with $5 billion of this coming in during the last week of June alone.

The Head of Macquarie Adviser Services, Neil Roderick, said the figures for the June quarter represented unprecedented levels of activity for superannuation inflows.

“Legislative changes by the Federal Government in the last year opened up new opportunities for Australians to make their super go further during retirement,” Mr Roderick said.

“Macquarie Adviser Services’ figures, on their own, show that Australians overwhelmingly took up this opportunity and, according to media reports, this has had a remarkable effect on inflows into all platforms and superannuation funds across the industry.

“The total of $17.7 billion of total inflows for three months is the largest three month total that Macquarie Adviser Services has ever experienced in such a short time frame.

“The inflows were undoubtedly associated with the Government’s legislative changes because the total superannuation applications received throughout April to June increased by 115 per cent over the same time last year and total applications received in June increased 175 per cent over June 2006.

“During the June quarter 10,700 new superannuation accounts through Macquarie Wrap, the Cash Management Trust and Self Managed Superannuation Accounts were opened. This is an increase of 61 per cent on last year which illustrates the new rules have also generated new account business for advisers.”

Mr Roderick said the figure that seemed to gain the most attention during the past three months was the total amount of contributions that were made as a direct result of the Federal Government allowing $1 million lump sum contributions prior to 30 June.

“At the end of June we had received a total of $3.5 billion in $1 million contributions.

“A high proportion of this money is flowing into Self Managed Superannuation Funds through the Cash Management Trust and is subsequently being reinvested.

Mr Roderick said that while the initial inflows were expected to slow, the fact that the Government had increased the overall annual limits of superannuation contributions still meant that advisers would experience increased superannuation activity on previous years.

“For us this means that we need to ensure that we have all of our operations running at an optimum level and the service that advisers are receiving in both the CMT and Macquarie Wrap continues at the same high level they are used to.

For further information, telephone:

Irene O'Brien
Head of PR & Communication
Macquarie Financial Services Group
Macquarie Funds Management Group
Tel: (612) 8232 3241
Mobile: (61) 417 260 309

Neil Roderick
Head of Macquarie Adviser Services
Tel: (612) 8232 7272