AustralianSuper has reduced its holding in the industry super fund-owned ME Bank to “better reflect the changed nature” of Australia’s superannuation sector.
The fund also sold down its stake in Industry Super Holdings, though remains “the biggest shareholder” in both companies, with around a 20 per cent holding in each company.
“AustralianSuper has rebalanced its shareholding in ME and Industry Super Holdings to better reflect the changed nature of the superannuation sector while reinforcing its commitment and support for the two organisations,” said AustralianSuper chief investment officer Mark Delaney in a statement provided to InvestorDaily.
“The rebalancing was a result of a number of fund mergers, which had seen AustralianSuper owning significantly more than any of the other major shareholder funds. There was also a desire from the other shareholders to increase their stakes in the two organisations.”
Mr Delaney said the fund “remains a committed investor” in both ME Bank and Industry Super Holdings, and that there was “a desire” from another shareholder to increase their stake in the two businesses.
Magellan chairman and CIO Hamish Douglass has said he’s not afraid of missing out on a “short-term market rally” and that mutant virus...
BlackRock has reported a 17 per cent growth in its assets under management for the past year, now reaching US$8.7 trillion ($11.1 trillion)....
Pendal Group has closed the December quarter with a $5 billion increase to its funds under management, a rise of 5.4 per cent. ...
Get notifications in real-time for staying up to date with content that matters to you.
Read More