POWERED BY MOMENTUM MEDIA
IOOF confirms key changes to its superannuation business
IOOF has confirmed it is working with the Australian Prudential Regulation Authority (APRA) to create appropriate business separation with respect to its superannuation funds.
At the same time as announcing that its managing director, Christopher Kelaher and chairman, George Venardos would be standing aside pending the outcome of APRA legal action, the company said it was working with the regulator on a Managed Action Plan (MAP) integral to which was separation of the Registrable Superannuation Entity and Responsible Entity functions.
It said the move entailed “separating the RSE and RE functions of both IOOF Investment Management Limited and Australian Executor Trustees Limited”.
“Following recent discussions with APRA, the process to effect this separating has been approved by the relevant boards and is underway,” the company’s Australian Securities Exchange (ASX) announcement said. “This process involves various licensing issues and other significant work that will take some time to implement effectively and will address many of the other issues included in the MAP.”
“We will progress this initiative with diligence and as expeditiously as possible,” the IOOF announcement said.
It said that IOOF was also establishing a dedicated business function for all APRA regulated entities and that integral to this was an independent chair and majority independent board members.
IOOF also signalled that it was consolidating its superannuation businesses, and that this would take further shape following completion of its acquisition of the ANZ business.
Recommended for you
Governor Bullock took a more hawkish stance on Tuesday, raising concerns over Trump’s escalating tariffs, which sent economists in different directions with their predictions.
Equity Trustees has announced the appointment of Jocelyn Furlan to the Superannuation Limited (ETSL) and HTFS Nominees Pty Ltd (HTFS) boards, which have oversight of one of the companies’ fastest growing trustee services.
Following growing criticism of the superannuation industry’s influence on capital markets and its increasing exposure to private assets, as well as regulators’ concerns about potential risks to financial stability, ASFA has released new research pushing back on these narratives.
A US-based infrastructure specialist has welcomed the $93 billion fund as a cornerstone investor.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
Global X GlobalX FANG+ ETF
33.51 3 y p.a(%)
2
Spire Oaktree Opportunities XI Second Close
32.68 3 y p.a(%)
3
DomaCom Lot 21 Chellaston Road Munno Para West SA 5115 Australia
31.62 3 y p.a(%)
4
Spire Oaktree Opportunities XI First Close USD
31.36 3 y p.a(%)
5
Fidante Credit Suisse Global Private Equity
29.60 3 y p.a(%)
