Australia has total funds under management of A$2.4 trillion and is the third largest in the world as ranked by the Investment Company Institute in Washington DC. It is considered a stable and growing sector with forecasts predicting the pool of superannuation funds to grow to $7.6 trillion dollars by 2033.
The Australian superannuation (pension) model, which was originally developed by Melbourne based institutions, has helped drive growth in funds under management. This provides the city with a strong core of skills and experience in the sector. Melbourne is home to six of Australia's top twelve superannuation (pension) funds and 60 per cent of all Australian industry superannuation (pension) fund assets are managed out of Melbourne. Melbourne is also home to Australia's sovereign wealth fund - the A$110 billion Future Fund - that is forecast to grow to A$150 billion in the next few years.