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.