POWERED BY MOMENTUM MEDIA
Betashares ventures into super industry with acquisition
ETF provider Betashares has announced it has reached an agreement to acquire Bendigo and Adelaide Bank’s superannuation business, marking a “transformational step” for the firm.
It is expected to complete in 2024, subject to regulatory approvals.
Currently Bendigo Superannuation has assets of $1.4 billion and more than 19,000 members.
According to Betashares, the acquisition is the first major initiative as part of a longer-term strategy to expand the business into the broader financial services sector.
“We are privileged to serve over one million Australian investors and their financial advisers today. Over the course of the next decade, we have a vision for the firm to continue developing into a leading, independent Australian financial services business,” said Alex Vynokur, chief executive.
“We are driven by our vision to help Australians achieve financial progress and we are motivated to bring more client focus, education and genuine innovation into the Australian superannuation industry.”
The Australian superannuation system is forecast to grow to over $9 trillion by 2041. It is presently the fourth largest pension market globally with over $3.5 trillion dollars in assets.
Vynokur noted: “For most Australians, superannuation is the largest asset outside of the family home and plays a key role in each Australian’s wealth journey and retirement outcomes.
“As such, while ETFs will always remain the bedrock of our business, we are equally determined to bring our ethos of diversification, cost effectiveness, investor education and engagement into the superannuation sector, and it is a natural next step in our growth strategy.
“We have been actively exploring entry strategies for some time, and have a long-term plan to significantly invest in building our superannuation presence.”
As of September 2023, Betashares manages over $30 billion in assets.
It is the largest ETF provider in Australia with 35 per cent of market share, ahead of Vanguard (28.9 per cent) and iShares (21.8 per cent) as of August 2023.
AUTHOR
Rhea Nath
Rhea L Nath is a journalist on Super Review and InvestorDaily, with a focus on funds management, superannuation, and institutional investment. Previously, she covered small business and entrepreneurship news at Dynamic Business and multicultural issues at Indian Link Media Group. In 2022, she was named Young Journalist of the Year at the NSW Premier’s Multicultural Communications Awards.
Recommended for you
The Federal Court has ordered AustralianSuper to pay $27 million for failures to address multiple member accounts.
The country’s fourth-largest fund is targeting the “missing middle” of members with a new digital advice service in partnership with Ignition Advice.
The prudential regulator confirmed it is considering BUSSQ’s Federal Court appeal.
The Albanese government has put forward a bold proposal to tackle the challenges of Australia’s swelling retirement pool, in an effort to allow superannuation funds to play a more active role in shaping members’ retirement outcomes.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
Spire Oaktree Opportunities XI Second Close
32.68 3 y p.a(%)
2
DomaCom Lot 21 Chellaston Road Munno Para West SA 5115 Australia
31.78 3 y p.a(%)
3
Spire Oaktree Opportunities XI First Close USD
31.36 3 y p.a(%)
4
Global X GlobalX FANG+ ETF
30.80 3 y p.a(%)
5
Fidante Credit Suisse Global Private Equity
28.31 3 y p.a(%)
