Australia’s largest superannuation administration company, Link Market Services is extending its presence in the United Kingdom via a key acquisition.
Link confirmed to the Australian Securities Exchange (ASX) on Monday that it had acquired Capita Asset Services from its UK parent company, Capita Plc.
It said that as a result of the transaction, Capita Asset Services had been immediately rebranded in the UK as Link Asset Services.
Commenting on the transaction, Link Group managing director, John McMurtrie said the transaction ensured Link’s ownership of a business with leading market positions across its fund, shareholder, corporate services, private client and debt service lines.
The two funds have announced the signing of a non-binding MOU to explore a potential merger.
The board must shift its focus from managing inflation to stimulating the economy with the trimmed mean inflation figure edging closer to the 2.5 per cent target, economists have said.
ASIC chair Joe Longo says superannuation trustees must do more to protect members from misconduct and high-risk schemes.
Super fund mergers are rising, but poor planning during successor fund transfers has left members and employers exposed to serious risks.