Suncorp has sold its Australian wealth business, Suncorp Portfolio Services to LGIA Super.
The company announced the transaction to the Australian Securities Exchange (ASX) today saying it had followed a strategic review started in February, last year.
Confirming the transaction, Suncorp group chief executive, Steven Johnston, said the sale agreement was a good outcome for the firm’s 137,000 superannuation members and would continue the simplification of its portfolio.
The announcement noted that LGIAsuper was progressing towards a merger with Energy Super and that together with the Suncorp Wealth business, the combined business would have around $28 billion in funds under administration and approximately 250,000 members.
It said total consideration was estimated at $45 million, which included a fixed amount of $26.6 million, plus regulatory capital.
Following completion of the sale, Suncorp will enter into an agreement with LGIAsuper to distribute Suncorp superannuation products to Suncorp customers for 18 months.
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.
Super returns continued to climb in March, raising hopes of delivering double-digit returns by June depending on the performance of this next quarter.
The dedicated super fund for emergency services and Victorian government employees is under fire for unpaid entitlements to transport employees, which could exceed $40 million.
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