POWERED BY MOMENTUM MEDIA
IOOF beholden to APRA to complete super transaction
IOOF has revealed the degree to which the Australian Prudential Regulation Authority (APRA) will have the ultimate say on whether it finally acquires the superannuation businesses of ANZ.
The company revealed in its results announcement to the Australian Securities Exchange (ASX) this week that recent amendments to the Superannuation Industry (Supervision) Act (SIS Act) had effectively given APRA an approval power of the controversial transaction.
The status of IOOF’s acquisition of the OnePath Pensions and Investments Business has been up in the air since issues were raised during the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services industry.
The company told shareholders this week that final completion of the acquisition remained conditional on the receipt of notices from OnePath Custodians and ANZ that each had no objection to the transaction proceeding.
“IOOF continues to work cooperatively with OPC and ANZ to provide the information and resources necessary to facilitate those notices being given,” it said.
However, it then went on to state: “From 5 July, 2019, recent amendments to the SIS Act came into force, giving APRA an approval power in respect of the acquisition of controlling stakes in Registrable Superannuation Entity licensees. As such, receipt of an approval from APRA is now also a condition of completion of the Pensions and Investments acquisition.”
The announcement said IOOF was well advanced in preparation and submission of material to APRA “for due consideration of the matter”.
Recommended for you
The Future Fund’s CIO Ben Samild has announced his resignation, with his deputy to assume the role of interim CIO.
The fund has unveiled reforms to streamline death benefit payments, cut processing times, and reduce complexity.
A ratings firm has placed more prominence on governance in its fund ratings, highlighting that it’s not just about how much money a fund makes today, but whether the people running it are trustworthy, disciplined, and able to deliver for members in the future.
AMP has reached an agreement in principle to settle a landmark class action over fees charged to members of its superannuation funds, with $120 million earmarked for affected members.
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(%)
