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.
Governor Michele Bullock took a more hawkish stance on Tuesday, raising concerns over Donald 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.