POWERED BY MOMENTUM MEDIA
IOOF beholden to APRA to complete super transaction
IOOF has revealed the degree to which the Australian Prudential Regulation Authority (APRA) will have the ultimate say on whether it finally acquires the superannuation businesses of ANZ.
The company revealed in its results announcement to the Australian Securities Exchange (ASX) this week that recent amendments to the Superannuation Industry (Supervision) Act (SIS Act) had effectively given APRA an approval power of the controversial transaction.
The status of IOOF’s acquisition of the OnePath Pensions and Investments Business has been up in the air since issues were raised during the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services industry.
The company told shareholders this week that final completion of the acquisition remained conditional on the receipt of notices from OnePath Custodians and ANZ that each had no objection to the transaction proceeding.
“IOOF continues to work cooperatively with OPC and ANZ to provide the information and resources necessary to facilitate those notices being given,” it said.
However, it then went on to state: “From 5 July, 2019, recent amendments to the SIS Act came into force, giving APRA an approval power in respect of the acquisition of controlling stakes in Registrable Superannuation Entity licensees. As such, receipt of an approval from APRA is now also a condition of completion of the Pensions and Investments acquisition.”
The announcement said IOOF was well advanced in preparation and submission of material to APRA “for due consideration of the matter”.
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(%)
