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House of Assembly - Fifty-First Parliament, Third Session (51-3)
2009-12-01 Daily Xml
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FUNDS SA

In reply to Mr GRIFFITHS (Goyder—Deputy Leader of the Opposition) (25 June 2009) (Estimates Committee A).

The Hon. K.O. FOLEY (Port Adelaide—Deputy Premier, Treasurer, Minister for Industry and Trade, Minister for Federal/State Relations): I am advised funds under management fell from $14.2 billion at 30 June 2008 to $12.6 billion at 30 June 2009, a decline of $1.6 billion.

The decline was comprised of negative investment income of $2.0 billion partly offset by net client contributions of $0.45 billion. This was mainly due to the poor performance of the global financial markets.

For the year, Funds SA's Balanced fund recorded a return of -15.3 per cent and the growth fund -17.5 per cent.

After applying an estimated 'notional tax rate' on investment earnings to make industry comparisons, for the year to June 2009, Funds SA's Balanced Fund returned—13.8 per cent against the growth median return from the Chant West Survey of—12.9 per cent.

Over seven years, the balanced fund has recorded a return of 5.3 per cent pa and the growth fund 5.0 per cent pa.

Data for the September quarter indicates there has been a strong recovery in the market. In the September quarter, the Balanced Fund has returned 10.4 per cent and the Growth Fund has returned 11.3 per cent. Total funds managed represent approximately $14.4 billion.

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