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Australian pension giants scale up overseas ambitions

SYDNEY -- Australian pension funds are taking advantage of booming inflows and buoyant returns to push deeper into global markets as they hunt for higher returns and avenues to diversify risk.

The country's retirement savings pool grew 11% in the year to March to 3.85 trillion Australian dollars ($2.6 trillion), roughly 1.5 times the size of Australia's economy, data from the regulator released last week showed, helped by rising contributions from workers and double-digit returns on investments.