High growth forecasted for Australia's funds industry

Funds under management in Australia is expected to reach A$2.3 billion ($1.25 billion) by 2015 largely as a result of the continuous growth in contributions to the country's superannuation funds industry, according to a new government report.Axiss, an advisory body set up by the government to promote Australia as a global financial services centre in Asia, forecasts average growth rates of between 10% and 20% a year for the country's managed investments market over the next 10 to 15 y…