Statewide Super and Local Super in merger talks
Two South Australian superannuation funds, Statewide Super and Local Super, have confirmed they are having detailed discussions about a merger.
However, due diligence would need to be completed and shareholder approval received before a merger between the two companies could take place, according to the chairman of Statewide Super, Nicholas Begakis AM, and chairman of Local Super, Juliet Brown.
Begakis and Brown said the recent release of the Federal Government’s Cooper Review into the governance, efficiency, structure and operation of Australia’s superannuation system had encouraged super funds around the country to consider merger and acquisition opportunities.
A merged entity would manage more than $4 billion in funds, with Statewide Super’s $2.4 billion and Local Super’s $1.7 billion in funds under management.
Recommended for you
Money Management examines the share price of financial advice licensees over one year to 31 March, with M&A actions in the final quarter having a positive effect for two licensees.
A $3.5 million settlement for victims of Melissa Caddick has been approved by the Federal Court following an initial agreement last December.
The Reserve Bank of Australia has delivered its first rate decision since the introduction of a new board structure last month.
Digital advice provider Otivo has launched an interactive tool, powered by artificial intelligence and Otivo’s own advice engine, to help answer client questions.