POWERED BY MOMENTUM MEDIA
AIA finalises sale of super and investments business
First announced in February 2022, the sale of AIA Australia’s superannuation and investments business to Resolution Life has now been finalised.
It has been completed by way of a statutory transfer approved by the Federal Court of Australia, effective 1 July 2023.
It marks the first portfolio acquisition for Resolution Life, which will now see assets under management grow by some $7.1 billion. Over 144,000 AIA Australia customers will join its existing 1.1 million Australasian consumer base.
Damien Mu, AIA Australia’s chief executive and managing director, explained both parties have been “working closely” to ensure a smooth transition.
“The incredible superannuation and investments team has moved across to Resolution Life so customers, partners, and stakeholders can expect the same high levels of service and support,” Mu said.
The acquisition from AIA Australia will complement Resolution Life’s existing local business operations that has approximately $30 billion in assets under management.
Globally, Resolution Life operates in Bermuda, the UK, the US, Australia, and New Zealand.
AUTHOR
Rhea Nath
Rhea L Nath is a journalist at Money Management and Super Review, with a focus on financial advice, investments, funds management, and superannuation. Previously, she covered small business and entrepreneurship news at Dynamic Business and multicultural issues at Indian Link Media Group. In 2022, she was named Young Journalist of the Year at the NSW Premier’s Multicultural Communications Awards.
Recommended for you
The $170 billion fund has announced an internal promotion to the newly created role.
Blue Owl Capital, a US asset manager with its eye on ‘marquee investors’ like super funds, has announced the appointment of a senior Future Fund executive as its newest managing director.
The Association of Superannuation Funds of Australia has appointed a new director representing industry funds, among a number of other appointments in recent months.
The Association of Superannuation Funds of Australia has tapped an experienced public policy executive as head of policy and advocacy.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
Spire Oaktree Opportunities XI First Close USD
66.99 3 y p.a(%)
2
Hills International
63.66 3 y p.a(%)
3
Acadian Global Equity Long Short Class A
36.33 3 y p.a(%)
4
CFS FC Acadian Global Equity Long Short
35.96 3 y p.a(%)
5
DomaCom 4/27 Crombie Avenue Bundall QLD 4217 Australia
32.23 3 y p.a(%)
Add new comment