POWERED BY MOMENTUM MEDIA
IOOF confirms key changes to its superannuation business
IOOF has confirmed it is working with the Australian Prudential Regulation Authority (APRA) to create appropriate business separation with respect to its superannuation funds.
At the same time as announcing that its managing director, Christopher Kelaher and chairman, George Venardos would be standing aside pending the outcome of APRA legal action, the company said it was working with the regulator on a Managed Action Plan (MAP) integral to which was separation of the Registrable Superannuation Entity and Responsible Entity functions.
It said the move entailed “separating the RSE and RE functions of both IOOF Investment Management Limited and Australian Executor Trustees Limited”.
“Following recent discussions with APRA, the process to effect this separating has been approved by the relevant boards and is underway,” the company’s Australian Securities Exchange (ASX) announcement said. “This process involves various licensing issues and other significant work that will take some time to implement effectively and will address many of the other issues included in the MAP.”
“We will progress this initiative with diligence and as expeditiously as possible,” the IOOF announcement said.
It said that IOOF was also establishing a dedicated business function for all APRA regulated entities and that integral to this was an independent chair and majority independent board members.
IOOF also signalled that it was consolidating its superannuation businesses, and that this would take further shape following completion of its acquisition of the ANZ business.
Recommended for you
Vanguard has affirmed its support for the current super performance test, emphasising the importance of keeping the process straightforward.
While some superannuation funds have gone down the route of internalisation, others say they favour ‘smart partnering’ with external managers for diversification appeal.
Michael Lovett, who left the investment firm just three months after launching its Vanguard Super offering, has taken up a chief executive role at an Australian asset manager.
The Central Bank of Ireland has granted the approval of Equity Trustees’ exit from its Irish operations, with the transaction expected to be complete on 30 April.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
Spire Oaktree Opportunities XI First Close USD
73.88 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