POWERED BY MOMENTUM MEDIA
Sargon acquires Diversa
In what represents further consolidation of the sector, financial technology company Sargon has announced it has acquired the Trustee Services business, comprising Diversa Trustees Limited and CCSL Limited (Diversa) from OneVue Holdings Limited for a total purchase consideration of $43 million.
Established in 2009, Diversa was one of the largest providers of superannuation trustee services with over $10 billion in assets under trusteeship, with Sargon’s assets under trusteeship and supervision now exceeding $50 billion.
Phillip Kingston, Sargon chief executive, said they had acquired a company with a solid operating track record with talented industry veterans.
“The acquisition will bolster Sargon’s capability and scale in trustee services, enabling us to expand our impact further in helping institutions and entrepreneurs to build better funds and financial products,” Kingston said.
Kingston said Diversa’s clients would soon have access to the Sargon Trustee Cloud, the company’s purpose-built trustee cloud infrastructure.
“At its core, Sargon is an enabling partner for institutions, entrepreneurs and governments looking to develop world-leading funds, financial products, platforms and pension systems that drive member outcomes, domestic investment and economic growth,” Kingston said.
Recommended for you
Superannuation funds have posted another year of strong returns, but this time, the gains weren’t powered solely by Silicon Valley.
Australia’s $4.1 trillion superannuation system is doing more than funding retirements – it’s quietly fuelling the nation’s productivity, lifting GDP, and adding thousands to workers’ pay packets, according to new analysis from the Association of Superannuation Funds of Australia (ASFA).
Large superannuation accounts may need to find funds outside their accounts or take the extreme step of selling non-liquid assets under the proposed $3 million super tax legislation, according to new analysis from ANU.
Economists have been left scrambling to recalibrate after the Reserve Bank wrong-footed markets on Tuesday, holding the cash rate steady despite widespread expectations of a cut.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
DomaCom 465 Calder Road Calder
99.46 3 y p.a(%)
2
DomaCom DFS Mortgage
95.46 3 y p.a(%)
3
Global X 21Shares Bitcoin ETF
78.55 3 y p.a(%)
4
BetaShares Crypto Innovators ETF
50.39 3 y p.a(%)
5
Global X GlobalX FANG+ ETF
47.50 3 y p.a(%)
