Wall Street Wins More of Australia's $2.7 Trillion Pension Pot
By and Jinshan Hong
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Australia's pension funds are rapidly boosting their allocations to the heavyweights of US finance as rivalry heats up for access to the country's A$4.1 trillion ($2.7 trillion) retirement pot.
State Street Corp.'s assets under management in Australia surged 50% in the 15 months through March to A$427 billion, and most are with superannuation funds, the Boston-based firm said in response to questions. JPMorgan Chase & Co.'s have grown 55% in the past 12 months, while Morgan Stanley doubled its Australian mandates to more than A$25 billion.
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