Publicly-listed superannuation administration services company, Mainstream Group Holdings has completed its acquisition of the IRESS superannuation business.
Mainstream announced to the Australian Securities Exchange that it had completed the transaction with a final payment of $2.75 million to IRESS.
The ASX announcement said the acquisition was expected to deliver growth opportunities and scale group’s superannuation administration business – Mainstream Superannuation Services which was formerly SuperBPO Pty Ltd.
It said this scale would come via the addition of 14 superannuation fund clients, upgraded technology and access to prospective clients.
The transaction was first signalled to the market in July.
Michael Lovett, who left the investment firm just three months after launching its Vanguard Super offering, has taken up a chief executive role at an Australian asset manager.
The Central Bank of Ireland has granted the approval of Equity Trustees’ exit from its Irish operations, with the transaction expected to be complete on 30 April.
Super returns continued to climb in March, raising hopes of delivering double-digit returns by June depending on the performance of this next quarter.
The dedicated super fund for emergency services and Victorian government employees is under fire for unpaid entitlements to transport employees, which could exceed $40 million.
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