Competition in the investment management sector

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

We have engaged Deloitte Access Economics (Deloitte) to carry out the independent research. We 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. They have a direct impact on the economic wellbeing 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 may 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 (MDAs), listed investment companies, wholesale managed funds, segregated accounts and control of costs from supporting suppliers along the value chain. It does not include superannuation. The review is being conducted in accordance with the Terms of reference. Deloitte has produced an interim report on its findings, and we expect the final report to be presented to ASIC in late 2021. As this work continues, we will provide further updates on this webpage.


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Last updated: 08/09/2021 04:12