What makes industry super a billion dollar business
The holding company which sits behind Industry Super Australia and other industry fund business is worth over $1 billion, according to evidence provided to the House of Representatives Standing Committee on Economics.
Answering questions on notice from the chair of the Committee, Victorian Liberal back-bencher, Tim Wilson, Industry Super Holdings acknowledged that the valuation of its assets stood at over $1 billion, but pointed to most of that value being reflected in IFM Holdings, the over-arching vehicle for its funds management business IFM Investors.
“IFM Holdings represents approximately 98% or $1.045 billion of the total value of Industry Super Holdings,” the company’s answer to the Parliamentary Committee said.
Wilson had asked ISH to break down the $1.07 billion valuation of its assets.
“Of the $1.07 billion, which is the valuation of the assets that are held by ISH, could you break down what share of that $1.07 billion is IFS, what percentage is IFM, what percentage is ISA and what percentage is The New Daily?,” he asked.
Asked what Industry Super Holdings held in its account, the company said the cash position of ISH at the company level at 30 June 2019 was $2,553,000.
Industry Super Holdings is owned by 27 industry superannuation funds.
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