Retail superannuation funds accounted for more than half of the $8.1 billion rolled in to self-managed super funds in the 12 months to June 2016.
Rainmaker analysis of APRA data also shows retail super funds made up nine of the biggest 10 outflows to SMSFs in the period.
Retail funds seeing the largest outflows to SMSFs, by dollar value, included Macquarie Superannuation Plan, Colonial First State FirstChoice Super Trust, AMP Superannuation Savings Trust, MLC's Universal Super Scheme and Plum Superannuation Fund, ANZ's OnePath Masterfund and the Mercer Super Trust.
Rainmaker notes the outflow distribution between funds was anything but uniform. There were five funds seeing more than 3.5% of net assets rolled over to SMSFs in the year.
"At the beginning of the period, an average of 0.7% of net assets across all funds flowed out as rollovers to SMSFs," the researcher said.
Retail super funds, which make up 44% of total assets, accounted for 54% of total SMSF rollovers. This was contrasted to both public sector and industry super funds which had a lower proportional share of SMSF rollovers (see Figure 1).
Year-on-year the analysis indicates some slowdown in SMSF rollovers from the retail sector. In the same period SMSF outflows from industry super funds remained steady.
Although outward rollovers to SMSFs was down slightly from the $8.3 billion recorded in the 12 months to June 2015, last year it represented a higher share of all outward rollovers, Rainmaker said.
Figure 1: Split of assets and SMSF rollovers by fund type