POWERED BY MOMENTUM MEDIA
ASIC keeps a close eye on superannuation fund mergers
Superannuation funds trustees have been sent reminder notifications by the Australian Securities and Investments Commission (ASIC) regarding changes to disclosure requirements around fund mergers.
Super funds are required to inform members about any merger of funds and provide transferring members with a new product disclosure statement (PDS) that explains the new product the member will hold following the merger, ASIC stated. Super funds are also required to update PDSs explaining the merger to prospective members, it added.
The reminder to super funds came about as a result of ASIC being aware that merger and consolidation activity was occurring in the superannuation industry, ASIC stated.
AUTHOR
Caroline Munro
Recommended for you
Morningstar believes there is still further to run with the potential takeover of Insignia Financial even with original bidder Bain Capital walking away.
Insignia Financial has announced the status of the two private equity bidders as due diligence comes to an end.
The future of superannuation policy remains uncertain, with further reforms potentially on the horizon as the Albanese government seeks to curb the use of superannuation as a bequest vehicle.
Superannuation funds will have two options for charging fees for the advice provided by the new class of adviser.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
DomaCom DFS Mortgage
92.15 3 y p.a(%)
2
Global X 21Shares Bitcoin ETF
53.24 3 y p.a(%)
3
Global X GlobalX FANG+ ETF
43.15 3 y p.a(%)
4
DomaCom Shoreline North Coogee
36.26 3 y p.a(%)
5
GAM LSA Private Shares AU I
35.87 3 y p.a(%)
