National Australia Bank (NAB) has eclipsed AMP (AMP) as Australia's largest manager of corporate superannuation, The Australian Financial Review reports.
According to the newspaper, research by DEXX&R shows NAB's fund under management in its corporate super division lifted 25.3% to $24.1 billion in the year to June, buoyed by a contract to manage the retirement savings of BHP Billiton (BHP) staff.
That saw NAB leapfrog AMP, with $23.9 billion in manged funds.
The AFR reports NAB's dual platforms in the corporate super division was also a point of strength. Plum speicalises in large companies and has more than $20 billion in funds under management, while MasterKey Business Super centres on small and medium sized businesses.