POWERED BY MOMENTUM MEDIA
Managed Accounts Holdings completes super acquisition
Publicly-listed investment administration services provider, Managed Accounts Holdings Ltd (MGP) has completed its acquisition of superannuation entity, Aracon Superannuation Pty Ltd.
Managed Accounts Holdings announced to the Australian Securities Exchange (ASX) today that as a result of the transaction, MGP non-executive directors, Peter Brook and Pam McAlister would be joining the board of Aracon to take advantage of their extensive experience in superannuation administration and superannuation governance.
Brook is the former chief executive of Pillar Administration which was acquired by Mercer.
The ASX announcement said that the Aracon acquisition would allow MGP to deliver an upgraded superannuation solution to its financial planning, stockbroking and institutional client base.
It said Brian Stieg had been appointed as the Head of Trustee Office to deliver an integrated superannuation solution, leveraging existing MGP risk and compliance, product and administration functions.
It said the cost of the acquisition had been less than $500,000 and had been funded from existing cash reserves.
Commenting on the transaction, MGP chief executive, David Heather said it was a key component of the company competing with its independent platform peers in delivering enhanced, non-unitised superannuation solutions to an increasingly price-driven market.
Recommended for you
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.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
DomaCom DFS Mortgage
90.28 3 y p.a(%)
2
GAM LSA Private Shares AU I
37.08 3 y p.a(%)
3
DomaCom Lot 21 Chellaston Road Munno Para West SA 5115 Australia
31.44 3 y p.a(%)
4
Fidante Credit Suisse Global Private Equity
31.12 3 y p.a(%)
5
Global X GlobalX FANG+ ETF
28.28 3 y p.a(%)
