Bendigo and SMF join forces
Bendigo Bank has joined forces with SMF Funds Management in an effort to shake up its lagging position in the superannuation market.
Bendigo Bank only has a minor stake in the super industry through its Bendigo Superannuation Plan. The plan has 7000 members and only $60 million under management.
Bendigo Bank subsidiary Sandhurst Trustees' chief executive officer, Andrew Long says the partnership will see the re-badging of SMF's existing products to the Bendigo brand, in the lead up to member choice. The group began talks with SMF late last October, after splitting with consulting group NSP Buck.
"We have a very small share in the superannuation market. Our Bendigo Superannuation Plan has been relatively small for some time," he says.
"We are looking to grow that market share considerably and with the partnership with SMF we are on our way."
Long says following the revamp of the Bendigo Super fund, to a mast trust structure, in April this year, investors can now invest in a wide range of Australian fund managers including BT, Macquarie and Colonial First State.
Long says a partnership was chosen instead of outsourcing because the group wanted to keep true to label while combining two organisations.
"SMF brings expertise, flexibility and a strong mix of investor education and financial planning services, all of which will assist customers to make wise decisions in what can be a very complex area," he says.
"With SMF we can now provide greater choice in investments. We can also offer our own products - Sandhurst industrial shares, and a regional development fund."
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