POWERED BY MOMENTUM MEDIA
Link Group to buy Superpartners
The five industry funds and shareholders of super administration firm Superpartners has entered into a heads of agreement to sell the company to Link Group.
AustralianSuper, HOSTPLUS, HESTA, Cbus and MTAA Super will each negotiate a separate commercial service arrangement with Australian Administration Services to provide super administration services.
In a statement AustralianSuper said Link Group was chosen after a process of considering many proposals.
Link Group will offer the funds "ongoing cost efficiencies and scalability to support future fund growth", it said.
The developments come after Superpartners halted a project to build a new technology platform, which was stalled for four years and went at least $180 million over budget.
Superpartners also recorded a $7.4 million loss on revenues after it was compelled to take a $20.4 million impairment charge linked to the botched project.
Recommended for you
IFM has firmly opposed any push for publicly disclosing current valuations of private market assets, saying it would “damage the financial interests of investors” and reduce appetite for infrastructure and private business investment.
Subdued GDP figures have bolstered expectations that the RBA could cut rates sooner and, possibly more aggressively, market watchers say.
Australian institutional investors plan to keep their finger on the pulse of private markets, new data has shown, with local investors aiming to further expand allocations into the sector.
The RBA has opted for a 25 bp rate cut last month to ensure that at a time of heightened uncertainty, monetary policy settings remained “predictable”.
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(%)
