Review of competition in the Australian funds management industry

ASIC is reviewing competition in the Australian funds management industry to identify where competition is effective, where it is not, and the reasons for this.

ASIC has engaged Deloitte Access Economics (Deloitte) to carry out the independent research. ASIC will review the research to determine the effectiveness of competition and the extent to which it is producing positive consumer outcomes.


There are over a trillion dollars’ worth of assets under management in Australia, invested across retail investment products and wholesale funds. These services provide a vital economic function by allocating savings to investment opportunities, and have a direct impact on the economic well-being of investors as well as the domestic economy.

An uncompetitive market tends to lead to poorer consumer outcomes in terms of higher fees, lower performance, limited choice and reduced innovation.

Improvements in competition could provide substantial benefits to investors through lowered costs, better service and/or expanded investment choices. A competitive market also brings benefits to the economy as a whole. For example, good consumer outcomes could lead to greater inflows into Australia and support international competitiveness.

About the review

ASIC’s review covers retail managed funds, platforms, managed discretionary accounts, listed investment companies, wholesale managed funds, segregated accounts and control of costs emerging from supporting suppliers along the value chain. It does not include superannuation. The review is being conducted in accordance with the Terms of reference.

ASIC has delayed this project to allow the industry to focus on responding to the impact of COVID-19.

We expect the final report to be presented to ASIC in June 2021. As this work continues, we will provide further updates on this webpage.

Read the interim report

Further information

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Last updated: 05/03/2021 12:00