Product registration firm APIR Systems has reported a surge in registrations of new financial products, especially managed accounts, in financial year 2023.
The registrations, while slightly down on the previous year’s record number, were 34.2 per cent above the rolling four-year average.
Other highlights from APIR’s FY23 data include:
- Managed investment products (MIPs) continue to be the industry’s dominant product choice with 70.4 per cent of total registrations;
- MIP registrations finished 22.1 per cent above the rolling four-year average;
- A sharp increase (174.4 per cent on the previous year) in managed accounts (SMA model) registrations;
- Rationalisation of superannuation investment options continues in line with industry expectations; and
- There were 45 new participant (e.g. product issuers such as responsible entities and trustees) registrations, driving a net increase of 7.1 per cent on the previous year.
Product termination numbers for FY23 were dominated by superannuation investment options because of the industry’s recent merger and acquisition activity.