Australian Ethical Investment has gained over 28,000 members to its superannuation fund following completion of the successor fund transfer (SFT) with Christian Super.
In an announcement to the Australian Securities Exchange (ASX), Australian Ethical Investment said the SFT was completed on 25 November.
The merger was agreed in July 2022 after Christian Super failed the Your Future, Your Super performance test and was urged to merge with a larger fund.
Australian Ethical chief executive, John McMurdo, said: “We are delighted to welcome more than 28,000 new members who want to invest ethically and look forward to communicating the benefits of increased scale to all super fund members which we’ll be passing on as fee reductions.
“The increased scale achieved through this transfer will further grow Australian Ethical’s influence and impact as one of Australia’s leading pure-play ethical investment firms.”
Australia’s superannuation sector is being held back by overlapping and outdated regulation, ASFA says, with compliance costs almost doubling in seven years – a drain on member returns and the economy alike.
Two of Australia’s largest industry super funds have thrown their support behind an ASIC review into how stamp duty is disclosed in investment fee reporting, saying it could unlock more capital for housing projects.
The corporate watchdog is preparing to publish a progress report on private credit this September, following a comprehensive review of the rapidly expanding market.
The fund has appointed Fotine Kotsilas as its new chief risk officer, continuing a series of executive changes aimed at driving growth, but NGS Super’s CEO has assured the fund won’t pursue growth for growth’s sake.