AUSTRALIA - The A$1.5bn ($1.57bn) legalsuper reported a 15% jump in employer contributions for the nine months to 31 March 2011 compared with the same period last year.
In the same nine-month period, transfers into the fund increased by 5%, the fund said.
legalsuper has 38,000 members including judges, barristers, lawyers, practice management, and legal support staff. More than 4,500 employers remit contributions to the scheme.
According to legalsuper CEO Andrew Proebstl, escalating inflows for the second year running demonstrated the success of legalsuper's specialised fund strategy.
"More than any other year, legal businesses have invited us to participate in their default fund tenders. Recent successes include being appointed default fund at a number of large legal firms and organisations - in most cases replacing much larger incumbent default funds.
"These continued increases in inflows are evidence that specialised funds like legalsuper, which serve a well-defined target market, will continue to be attractive to that target market by providing an environment in which member's savings thrive.
"Some industry pundits would have us believe super funds need to be large to be viable. In fact, as a smaller fund, legalsuper can in some respects be a more agile investor relative to mega super funds, is more responsive to the needs of its target market, and is better able to build engagement with our members."
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