POWERED BY MOMENTUM MEDIA
ACCC decision has few implications for super platforms
While the competition regulator, the Australian Competition and Consumer Commission (ACCC), has blocked National Australia Bank’s (NAB’s) bid for AXA Asia Pacific on the basis of retail platform consolidation, analysts are suggesting the decision has few implications for superannuation sector.
Citi analysts Nigel Pittaway and Mark Tomlins claimed the ACCC decision to oppose the NAB bid had focused on wraps and there appeared to be few implications with respect to superannuation, insurance or banking.
The consensus among analysts is that the ball is now NAB’s court and that it has a number of choices, including seeking to address the concerns raised by the ACCC or challenging the regulator’s decision in the courts.
However, a court challenge would likely take months and would leave the future of AXA Asia Pacific in prolonged limbo.
The chairman of the ACCC Graeme Samuel told ABC radio today that the regulator’s decision was based on its concern about the removal of competition in the provision of retail investment platforms.
He specifically referenced NAB’s ownership of the Navigator platform and the competitive potential of AXA’s North product.
"We were concerned that, if NAB were to take over AXA, then that drive, that incentive for competition and innovation would be removed and that would have substantially lessened competition in that market,” Samuel said.
AUTHOR
Mike Taylor
Recommended for you
The super fund announced that Gregory has been appointed to its executive leadership team, taking on the fresh role of chief advice officer.
The deputy governor has warned that, as super funds’ overseas assets grow and liquidity risks rise, they will need to expand their FX hedge books to manage currency exposure effectively.
Super funds have built on early financial year momentum, as growth funds deliver strong results driven by equities and resilient bonds.
The super fund has announced that Mark Rider will step down from his position of chief investment officer (CIO) after deciding to “semi-retire” from full-time work.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
DomaCom DFS Mortgage
76.97 3 y p.a(%)
2
Global X 21Shares Bitcoin ETF
76.46 3 y p.a(%)
3
UBS Solactive Global Pure Gold Miners UCITS ETF Dis USD
51.13 3 y p.a(%)
4
Global X GlobalX FANG+ ETF
45.15 3 y p.a(%)
5
Select Baker steel Gold Institutional
43.78 3 y p.a(%)
