POWERED BY MOMENTUM MEDIA
Christian Super agrees to merge with Australian Ethical Super
Australian Ethical Super has signed a successor fund transfer agreement with Christian Super following an extensive period of due diligence.
It was first announced the two funds were in talks back in April after Christian Super failed the Your Future, Your Super performance test.
There would be no change to Australian Ethical’s investment philosophy or process, the fund said in a statement to the Australian Securities Exchange (ASX), and the board would remain unchanged.
Neville Cox, chair of Christian Super, said: “As we look to wind up Christian Super after nearly four successful decades of pioneering values-based investing in Australia, we are pleased to have found an alternative for our members that is not only in their best financial interests but also champions a similar purpose-driven approach”.
Steve Gibbs, Australian Ethical chair, said: “We’re delighted to welcome new members who share this vision and want to use the power of their money to support a more sustainable future”.
The move would see all members of the Christian Super move to Australian Ethical Super in late 2022 or early 2023.
It has since been announced Treasury would be conducting a review into how the YFYS performance test would work for faith-based super funds.
AUTHOR
Laura Dew
Laura Dew is editor at Super Review. Prior to joining SR, she spent five years working at Investment Week in the UK covering asset and wealth management.
Recommended for you
The super fund announced that Gregory has been appointed to its executive leadership team, taking on the fresh role of chief advice officer.
The deputy governor has warned that, as super funds’ overseas assets grow and liquidity risks rise, they will need to expand their FX hedge books to manage currency exposure effectively.
Super funds have built on early financial year momentum, as growth funds deliver strong results driven by equities and resilient bonds.
The super fund has announced that Mark Rider will step down from his position of chief investment officer (CIO) after deciding to “semi-retire” from full-time work.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
DomaCom DFS Mortgage
76.97 3 y p.a(%)
2
Global X 21Shares Bitcoin ETF
76.46 3 y p.a(%)
3
UBS Solactive Global Pure Gold Miners UCITS ETF Dis USD
51.13 3 y p.a(%)
4
Global X GlobalX FANG+ ETF
45.15 3 y p.a(%)
5
Select Baker steel Gold Institutional
43.78 3 y p.a(%)
