ING Direct has reported a 45 per cent increase in funds under management for its superannuation business for the 12 months to 31 December 2015.
In a statement, ING Direct said its super business, ING Direct Living Super, saw a 45 per cent increase in funds under management (FUM) for the 12 months to 31 December 2015, coming in at $1.6 billion.
The number of Living Super accounts increased by 36 per cent in the 12 months to 31 December 2015, contributing to the growth in FUM.
ING Direct head of third-party distribution, Mark Woolnough, said the launch of the Living Super adviser portal last year increased the uptake of the super product.
The uptake was dominated by the over-45 age group. The group accounted for 20 per cent of new Living Super customers in 2015.
“The over-45 age group… tend to be more engaged with their superannuation and are looking for control over their super investments without the burden of administration,” Mr Woolnough said.
ING Direct chief executive Vaughn Richtor, who is due to retire in June, said he was “proud” of the business.
"While some doubted we would succeed, the provision of value for money products and exceptional customer service has proved a winning formula,” Mr Richtor said.
The company also saw a 6 per cent increase in its net profit after tax, reported at $314.7 million for the 12 months to 31 December 2015.
Online retailer Kogan has teamed up with Mercer to enter the superannuation market. ...
Link Group and Rest have reached a new agreement that will see Link continue to provide retirement and super solutions to Rest. ...
Mainstream Holdings Group has told shareholders it will be consolidating its underperforming superannuation services division into its funds...