POWERED BY MOMENTUM MEDIA
Wealth manager Diversa acquires second super business
Wealth manager Diversa has acquired the investment and management rights to the Managed Australian Retirement Fund (MARF), a retail super master trust, which is its second acquisition to date of a super business.
It will pay $1.5 million in a combination of cash and ordinary shares of Diversa for the acquisition, which is managed by Managed Financial Strategy and Managed Financial Services.
A public offer fund, MARF manages $37 million on behalf of 4,800 members as at June 30 this year and had adjusted earnings before interest and tax for the year of approximately $397,000. Following the acquisition, Diversa will enter into a services agreement with Managed Financial Strategy and Managed Financial Services to provide various administrative services to maintain continuity with members.
The acquisition complements Diversa's initial acquisition of the Super Promoters business in March this year and is consistent with its strategy of growing the company through fund aggregation, according to a media release.
AUTHOR
By Egan
Recommended for you
The two funds have announced the signing of a non-binding MOU to explore a potential merger.
The board must shift its focus from managing inflation to stimulating the economy with the trimmed mean inflation figure edging closer to the 2.5 per cent target, economists have said.
ASIC chair Joe Longo says superannuation trustees must do more to protect members from misconduct and high-risk schemes.
Super fund mergers are rising, but poor planning during successor fund transfers has left members and employers exposed to serious risks.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
DomaCom DFS Mortgage
88.01 3 y p.a(%)
2
Global X 21Shares Bitcoin ETF
72.60 3 y p.a(%)
3
Global X GlobalX FANG+ ETF
44.46 3 y p.a(%)
4
Pengana High Conviction Equities B
39.12 3 y p.a(%)
5
Pengana High Conviction Equities A
39.05 3 y p.a(%)
