High growth forecasted for Australia's funds industry

Double-digit growth rates for the country''s managed funds industry are expected to attract more foreign fund managers.

Funds under management in Australia is expected to reach A$2.3 billion $1.25 billion by 2015 largely as a result of the continuous growth in contributions to the country's superannuation funds industry, according to a new government report.

Axiss, an advisory body set up by the government to promote Australia as a global financial services centre in Asia, forecasts average growth rates of between 10% and 20% a year for the country's managed investments market over the next 10 to 15 years. Even with a minimum growth rate of 10% a year, Axiss says total assets under management will grow from the present A$590 billion to A$2.3 billion in 15 years' time.

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