Australia’s largest superannuation administration company, Link Market Services is extending its presence in the United Kingdom via a key acquisition.
Link confirmed to the Australian Securities Exchange (ASX) on Monday that it had acquired Capita Asset Services from its UK parent company, Capita Plc.
It said that as a result of the transaction, Capita Asset Services had been immediately rebranded in the UK as Link Asset Services.
Commenting on the transaction, Link Group managing director, John McMurtrie said the transaction ensured Link’s ownership of a business with leading market positions across its fund, shareholder, corporate services, private client and debt service lines.
Future Group is set to take on nearly $1 billion in funds under management (FUM) and welcome more than 100,000 new members following two significant successor fund transfers.
Insignia’s Master Trust business suffered a 1.9 per cent dip in FUA in the third quarter, amid total net outflows of $1.8 billion.
While the Liberal senator has accused super funds of locking everyday Australians out of the housing market, industry advocates say the Coalition’s policy would only push home ownership further out of reach.
Australia’s largest superannuation fund has confirmed all members who had funds stolen during the recent cyber fraud crime have been reimbursed.