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Wholesale funds recover lossesBY ANNABELLE DICKSON | FRIDAY, 9 APR 2021 12:24PM
Wholesale funds finished 2020 with funds under management (FUM) down just 0.1%, recovering almost all the losses experienced as a result of COVID-19, new research from Plan For Life shows.Read more: Plan For Life, Challenger, Vanguard, IOOF Multimix Balanced Growth Trust, Macquarie Balanced Growth, State Street Global Advisors, Ausbil Balanced Fund, Pendal, QIC, Rainmaker Information, Victoria Funds Management
In a year the average fund posted over 18% in returns, CommBank's Essential Super was the top one-year performer.
Superannuation funds can expect their results in the first performance test by August 31 under the new Your Future, Your Super reforms, according to an APRA letter sent Friday.
The Federal Court found that RI Advice Group's failure to provide rigorous oversight over a former financial adviser resulted in bad advice to consumer detriment.
Member of Parliament Tim Wilson will lead the charge to determine if big super's domination over the Australian sharemarket is stifling competition.
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