POWERED BY MOMENTUM MEDIA
Vision Super announces funds merger
Local authority and water industry employees will come under one umbrella after Vision Super announced it is merging two of its funds.
Vision Super Fund will merge with Local Authorities Super Fund (LASF) from 30 June.
The funds came to the decision and trustees signed off on the merger upon consulting with the Australian Prudential Regulation Authority after an assessment was made that members will get equivalent rights.
“We’re very pleased to announce the merger of the Local Authorities Superannuation Fund and the Vision Super Fund,” Vision Super CEO Stephen Rowe said.
“This consolidation will allow Vision Super to reduce operating and regulatory costs, which will benefit our members.”
Assets will total $7 billion under the merger.
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(%)
