POWERED BY MOMENTUM MEDIA
WA Super and Concept One finally merge
Western Australian superannuation funds, WA Super and Concept One, have successfully completed a merger that has been on foot for some time.
The completion of the agreement saw Concept One merge into WA Super, with the resulting combined entity having $3.4 billion in funds under management and 60,000 members.
WA Super said that the merger would give its own members the benefit of increased economies of scale, while Concept One members would gain access to an expanded suite of services, advice, investment options and lower fees.
Chief executive of WA Super, Fabian Ross, had been leading the fund for just over a year, and had already signalled that he plans to continue growing the fund.
“I joined WA Super with the intention of growing and developing the business, whilst helping members achieve their retirement dreams … [and] with mergers come opportunities for growth,” he said.
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(%)
