ME Bank in alliance with UBS
Industry funds-backed bank ME Bank has joined with UBS Australia to deliver a high-interest cash account service via UBS's direct investment platform for superannuation funds.
According to the two companies, UBS's direct investment platform will provide superannuation funds with the ability to offer their members a cost-effective alternative to setting up their own self-managed super funds.
It said this would be achieved by allowing their members to directly manage their share, exchange-traded funds, term deposit and cash investments.
They said money held in the "cash account" could be moved in and out of other investments, while receiving a competitive rate of interest when funds were held in the account.
AustralianSuper has been nominated as the first superannuation fund to offer ME Bank's cash account as part of its Member Direct investment option, which is already based on the UBS platform.
Commenting on the move, UBS Investment Platforms head Ian Dunbar said the alliance with ME Bank demonstrated the company's focus on expanding the range and quality of products available to superannuation fund members.
ME Bank group executive for product and strategy Tom Bekiaris said the alliance with UBS represented an important step in ME Bank's Network Deposit strategy.
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