POWERED BY MOMENTUM MEDIA
Managed Accounts Holdings completes super acquisition
Publicly-listed investment administration services provider, Managed Accounts Holdings Ltd (MGP) has completed its acquisition of superannuation entity, Aracon Superannuation Pty Ltd.
Managed Accounts Holdings announced to the Australian Securities Exchange (ASX) today that as a result of the transaction, MGP non-executive directors, Peter Brook and Pam McAlister would be joining the board of Aracon to take advantage of their extensive experience in superannuation administration and superannuation governance.
Brook is the former chief executive of Pillar Administration which was acquired by Mercer.
The ASX announcement said that the Aracon acquisition would allow MGP to deliver an upgraded superannuation solution to its financial planning, stockbroking and institutional client base.
It said Brian Stieg had been appointed as the Head of Trustee Office to deliver an integrated superannuation solution, leveraging existing MGP risk and compliance, product and administration functions.
It said the cost of the acquisition had been less than $500,000 and had been funded from existing cash reserves.
Commenting on the transaction, MGP chief executive, David Heather said it was a key component of the company competing with its independent platform peers in delivering enhanced, non-unitised superannuation solutions to an increasingly price-driven market.
Recommended for you
A member body representing some prominent wealth managers is concerned super funds’ dominance is sidelining small companies in capital markets.
Earlier this month, several Australian superannuation funds fell victim to credential stuffing attacks, which saw a small number of members lose more than $500,000.
Small- to medium-sized funds have become collateral damage in an "imperfect" model for super industry levies, a financial institution has said.
Big business has joined the chorus of opposition against the proposed Division 296 tax.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
DomaCom DFS Mortgage
93.34 3 y p.a(%)
2
Global X GlobalX FANG+ ETF
37.15 3 y p.a(%)
3
GAM LSA Private Shares AU I
33.96 3 y p.a(%)
4
Fidante Credit Suisse Global Private Equity
29.68 3 y p.a(%)
5
Plato Global Alpha A
28.73 3 y p.a(%)
