POWERED BY MOMENTUM MEDIA
Energy Super and LGIAsuper enter merger due diligence
Energy Super and LGIAsuper have signed a memorandum of understanding (MOU) to enter into merger discussions that would see the two form a $20 billion fund for 123,000 members.
The due diligence, the funds said, would explore synergies and benefits to members.
LGIAsuper chair, John Smith, said: “LGIAsuper’s strategy over the past three years has been to look for opportunities to achieve the size and scale to continue to deliver excellent financial outcomes and outstanding service for our 75,000 members long into the future.
“While the process with Energy Super is in the early stages, the areas of alignment are encouraging and warrant further exploration to see if we could better deliver for all members as a combined fund.”
Energy Super chair, Richard Flanagan, said a merger could help create better member outcomes through enhanced services and broader investment opportunities, and competitive fees.
Recommended for you
The proposed reforms have been described as a key step towards delivering better products and retirement experiences for members, with many noting financial advice remains the “urgent missing piece” of the puzzle.
Jim Chalmers has defended changes to the Future Fund’s mandate, referring to himself as a “big supporter” of the sovereign wealth fund, amid fierce opposition from the Coalition, which has pledged to reverse any changes if it wins next year’s election.
In a new review of the country’s largest fund, a research house says it’s well placed to deliver attractive returns despite challenges.
Chant West analysis suggests super could be well placed to deliver a double-digit result by the end of the calendar year.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
Spire Oaktree Opportunities XI Second Close
61.07 3 y p.a(%)
2
Spire Oaktree Opportunities XI First Close USD
59.21 3 y p.a(%)
3
DomaCom Lot 21 Chellaston Road Munno Para West SA 5115 Australia
31.56 3 y p.a(%)
4
Fidante Credit Suisse Global Private Equity
31.06 3 y p.a(%)
5
DomaCom 4/27 Crombie Avenue Bundall QLD 4217 Australia
26.81 3 y p.a(%)
