From financialnewswire.com.au: APRA has confirmed that separately managed accounts can be categorized as Trustee Directed Products and will be included in the superannuation performance test under the Your Future Your Super policy.

APRA clarified that a product will only qualify as a TDP if beneficiaries cannot influence asset allocation decisions.

Additionally, APRA expects that if a TDP fails the performance test, other licensees will reassess their investment options, regardless of their TDP classification.