Poor earnings within investment markets offset the new money flowing into the retail superannuation and retirement incomes sector during the 12 months to 31 March 2016, resulting in a 3.4 per cent drop in FUM/A to $1.1 trillion, said DEXX&R.
The retail and personal superannuation segment of the market saw the biggest drop in FUM/A, down 8 per cent ($17 billion) over the year to 31 March 2016.
The retirement incomes sector, on the other hand, recorded the smallest decline over the period with FUM/A only falling by 1.1 per cent.
Westpac saw the biggest fall in FUM/A, down 8.9 per cent to $129.7 billion. AMP was the most resilient institution throughout the 12 months to 31 March 2016, with FUM/A only declining by 1.6 per cent to $139.5 billion.
During the March 2016 quarter, total retail and wholesale FUM/A decreased by 2.1 per cent ($24 billion), falling from $1.128 trillion as at December 2015 to $1.104 trillion as at March 2016.
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