POWERED BY MOMENTUM MEDIA
NGS Super and Australian Catholic Super ditch merger
NGS Super and Australian Catholic Superannuation (ACS) have announced that the two superannuation funds will not merge following discussions and extensive due diligence over the last 12 months.
The two funds announced merger plans in August 2020 and said today the regulatory and commercial environments had changed considerably since then.
NGS Super’s, chair Dick Shearman said: “Our members’ interests have always been at the core of this proposed merger and after very careful consideration we’re confident the best outcome is for both funds to continue independently”.
ACS’s chair David Hutton said: “We also remain committed to acting in the best financial interests of our members and will continue with our strategy to achieve greater scale into the future”.
The merger would have led to a $21 billion super fund with 200,000 members with two of the most significant non-Government school industry super funds.
Recommended for you
The Federal Court has ordered AustralianSuper to pay $27 million for failures to address multiple member accounts.
The country’s fourth-largest fund is targeting the “missing middle” of members with a new digital advice service in partnership with Ignition Advice.
The prudential regulator confirmed it is considering BUSSQ’s Federal Court appeal.
The Albanese government has put forward a bold proposal to tackle the challenges of Australia’s swelling retirement pool, in an effort to allow superannuation funds to play a more active role in shaping members’ retirement outcomes.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
Spire Oaktree Opportunities XI Second Close
32.68 3 y p.a(%)
2
DomaCom Lot 21 Chellaston Road Munno Para West SA 5115 Australia
31.78 3 y p.a(%)
3
Spire Oaktree Opportunities XI First Close USD
31.36 3 y p.a(%)
4
Global X GlobalX FANG+ ETF
30.80 3 y p.a(%)
5
Fidante Credit Suisse Global Private Equity
28.31 3 y p.a(%)
