The number of SMSFs increased again in the 2008 March quarter but the value of their total assets has slipped.
The latest Australian Taxation Office (ATO) statistics have shown self managed superannuation funds (SMSFs) continued to increase in number during the 2008 March quarter.
The total number of SMSFs in the market at the end of March stood at 378,656, serving the interests of 729,851 members.
Over the three-month term there were 6272 new funds established compared to 5959 SMSFs set up in the 2007 December quarter.
Like the rest of the superannuation sector, SMSFs experienced a drop in total asset values from just over $300 billion in December 2007 to just above $286 billion at the end of March 2008.
In regard to asset allocation the March quarter saw an increase in cash, debt securities and term deposits to $58.6 billion compared to $56.8 billion in the previous quarter.
On the flipside, investments in listed shares and equities fell from $107.4 billion in December 2007 to $93.7 billion at the March quarter's end.
The release of the current statistics met with some criticism from the Australian Institute of Superannuation Trustees (AIST), claiming the figures do not provide enough information for the public in regard to comparative performance.
"With rising interest rates, falling markets and the heavy marketing of instalment warrants to those operating self managed funds, we need to know how this sector is performing relative to the other key super sectors." AIST policy and research manager Andrew Barr said.
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