Publicly-listed financial services firm, Managed Accounts Holdings has confirmed completion of its acquisition of superannuation administration company with which it has had an association for nearly 10 years - DIY Master Pty Ltd.
It said the acquisition would serve to initiate the company’s entry into the superannuation segment as part of its strategy to broaden its capability across both superannuation and non-superannuation administration solutions.
It said DIY would continue to provide outsourced superannuation administration to its existing client base and would continue to seek to expand its capability under its existing management.
The company’s announcement to the Australian Securities Exchange (ASX) said that once DIY was transitioned in the first quarter of next year it was intended that Managed Accounts Holdings would be able to deliver an integrated superannuation solution to its financial planning, stockbroking and institutional client base using its recently-acquired trustee capability via Aracon Superannuation Pty Ltd.
The announcement said the costs of the acquisition of DIY would be approximately $1.5 million, with $1 million paid on completion and the remaining $500,000 payable, subject to earn out, in December, next year.
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.