POWERED BY MOMENTUM MEDIA
Statewide Super and Local Super in merger talks
Two South Australian superannuation funds, Statewide Super and Local Super, have confirmed they are having detailed discussions about a merger.
However, due diligence would need to be completed and shareholder approval received before a merger between the two companies could take place, according to the chairman of Statewide Super, Nicholas Begakis AM, and chairman of Local Super, Juliet Brown.
Begakis and Brown said the recent release of the Federal Government’s Cooper Review into the governance, efficiency, structure and operation of Australia’s superannuation system had encouraged super funds around the country to consider merger and acquisition opportunities.
A merged entity would manage more than $4 billion in funds, with Statewide Super’s $2.4 billion and Local Super’s $1.7 billion in funds under management.
Recommended for you
A major super fund has defended its use of private markets in a submission to ASIC, asserting that appropriate governance and information-sharing practices are present in both public and private markets.
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.
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
36.96 3 y p.a(%)
3
GAM LSA Private Shares AU I
34.22 3 y p.a(%)
4
Fidante Credit Suisse Global Private Equity
29.68 3 y p.a(%)
5
VanEck Video Gaming and eSports ETF (AU)
28.89 3 y p.a(%)
