Self-managed superannuation funds (SMSAs) have grown a further $3 billion in the last financial year, making further inroads into the $1.4 trillion industry.

 

The recent growth takes the value of SMSAs to a total of $418 billion after a further 7466 funds were established in the March quarter this year.

 

However, data shows that the average value of individual funds fell slightly from $926,196 to $916,746 in the same quarter. The Australian Financial Review speculated that the drop could possibly be attributed to recent falls in the stock market.

 

The value of SMSA investments in the share market also fell two percent in the June quarter from $143 billion to $139 billion.

 

The exponential growth in fund numbers was little effected by closures, with only 64 funds being closed in the March quarter.