POWERED BY MOMENTUM MEDIA
Suncorp sells its super business to LGIA Super
Suncorp has sold its Australian wealth business, Suncorp Portfolio Services to LGIA Super.
The company announced the transaction to the Australian Securities Exchange (ASX) today saying it had followed a strategic review started in February, last year.
Confirming the transaction, Suncorp group chief executive, Steven Johnston, said the sale agreement was a good outcome for the firm’s 137,000 superannuation members and would continue the simplification of its portfolio.
The announcement noted that LGIAsuper was progressing towards a merger with Energy Super and that together with the Suncorp Wealth business, the combined business would have around $28 billion in funds under administration and approximately 250,000 members.
It said total consideration was estimated at $45 million, which included a fixed amount of $26.6 million, plus regulatory capital.
Following completion of the sale, Suncorp will enter into an agreement with LGIAsuper to distribute Suncorp superannuation products to Suncorp customers for 18 months.
Recommended for you
A “concerning” number of Aussies don’t know what they pay in super fees, a young super fund has said.
The corporate regulator has shared some ‘disappointing’ findings upon reviewing the public communications of more than 20 trustees with regards to death benefits.
According to the industry body, funds should have an obligation to transfer members in failing products to better-performing products in a timely way.
The $9 billion fund is backing agriculture investor GO.FARM, with its capital already directed towards enhancing two key assets.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
Spire Oaktree Opportunities XI First Close USD
66.99 3 y p.a(%)
2
Hills International
62.62 3 y p.a(%)
3
DomaCom 4/27 Crombie Avenue Bundall QLD 4217 Australia
32.95 3 y p.a(%)
4
Acadian Global Equity Long Short Class A
32.82 3 y p.a(%)
5
CFS FC Acadian Global Equity Long Short
32.44 3 y p.a(%)
Add new comment