Negative returns dog bank super funds
The old story of rivalry between industry super and banking over collective investment returns has a new ending.Industry super is firing steadily, with the sector's leadership over returns from for-profit bank run entities hard to deny.Banks have been outperformed by industry super by 2.69 per cent over one year to April, according to a media release yesterday."SuperRatings monthly data shows, on average, industry super funds have outperformed bank-owned super funds by more than two per cent over ten years," David Whiteley, Industry Super Australia chief executive, said in the release.The three-year outperformance was 2.82 per cent, the best of yesterday's snapshot from Industry Super.Australian bank funds produced negative returns of 1.39 per cent over the last year, SuperRatings found.