Statewide top the chart with super fund return
The fourth consecutive year of double digit returns has put South Australia’s large industry super fund among the nation’s top performing funds and seen funds under management surge past $2bn.
Statewide has announced the 2006/2007 return of 17.5% for its default superannuation investment option, used by the majority of the fund’s 168,000 members.
Statewide’s solid performance does not stop there with the Aussie Choice investment option achieving returns of 18.9% last financial year and 16.5% averaged over three years.
Independent superannuation evaluator SelectingSuper ranked this as the sixth best performing diversified balanced investment option nation wide last financial year and eighth over the three year period.
According to Statewide, strong economic growth and moderate interest rates had contributed to a flourishing international investment climate.
Markets performed strongly for the financial year and those superannuation members who had put their savings in Statewide’s Australian equities option received a 28.7% return.
However, the recent share market volatility highlights the need for investors to take a long term view.
The fund offers 11 investment options which can be used in a variety of combinations to personalise superannuation investment to members’ needs. This includes a socially responsive option, which invests in sustainable activities, and produced a 16.4% return.
The fund’s investment strategy was guided by Access Capital Advisers, which expects markets to be positive in the year ahead despite the share market correction in Australia and globally.
Strong markets, growth in membership and a high inflow of funds as members took advantage of the Better Super changes contributed to Statewide’s 29% increase in assets under management to $2bn.
That is a significant milestone for a South Australian based fund focused on meeting the financial needs of average workers.
During 2006/2007 membership grew by 5% and the number of employers rose to 22,600, up 14% on the previous year.
The 2006/2007 financial year was the second consecutive year that Statewide has achieved the AAA Quality rating, the high rating possible from Rainmaker Information, an independent assessor of Australian superannuation funds.
This rating follows independent evaluation of Statewide’s investment mix, insurance, administration, member communication and extra services.
31-Aug-2007