Australia’s total assets under custody exceeded $3 trillion in the second half of 2016, according to figures released by the Australian Custodial Services Association.
The custodial and administration sector grew by 5.2 per cent in the latter half of the year, which the Australian Custodial Services Association (ACSA) noted was stronger than the 1.4 per cent growth seen in the first half of 2016.
“The milestone of $3 trillion in total assets under custody indicates the strength of the Australian Superannuation and Funds Management system,” said ACSA chair David Knights.
“We have witnessed a remarkable pick-up in the second-half after a muted first-half, which is great news.”
The value of assets under custody in Australia was two times the total market value of the ASX200 at 31 December 2016, ACSA said, and the custodial sector’s growth in the second half of the year was similar to the 8.3 per cent growth in the ASX200 index.
The data found that Australian assets account for around 70 per cent of all assets under custody at around $2.14 trillion, however onshore assets grew only 4.3 per cent in the second half of 2016, less than offshore assets’ 7.6 per cent growth.