Bendigo and SMF join forces
Bendigo Bank has joined forces with SMF Funds Management in an effort to shake up its lagging position in the superannuation market.
Bendigo Bank only has a minor stake in the super industry through its Bendigo Superannuation Plan. The plan has 7000 members and only $60 million under management.
Bendigo Bank subsidiary Sandhurst Trustees' chief executive officer, Andrew Long says the partnership will see the re-badging of SMF's existing products to the Bendigo brand, in the lead up to member choice. The group began talks with SMF late last October, after splitting with consulting group NSP Buck.
"We have a very small share in the superannuation market. Our Bendigo Superannuation Plan has been relatively small for some time," he says.
"We are looking to grow that market share considerably and with the partnership with SMF we are on our way."
Long says following the revamp of the Bendigo Super fund, to a mast trust structure, in April this year, investors can now invest in a wide range of Australian fund managers including BT, Macquarie and Colonial First State.
Long says a partnership was chosen instead of outsourcing because the group wanted to keep true to label while combining two organisations.
"SMF brings expertise, flexibility and a strong mix of investor education and financial planning services, all of which will assist customers to make wise decisions in what can be a very complex area," he says.
"With SMF we can now provide greater choice in investments. We can also offer our own products - Sandhurst industrial shares, and a regional development fund."
Recommended for you
ASIC has launched court proceedings against the responsible entity of three managed investment schemes with around 600 retail investors.
There is a gap in the market for Australian advisers to help individuals with succession planning as the country has been noted by Capital Group for being overly “hands off” around inheritances.
ASIC has cancelled the AFSL of an advice firm associated with Shield and First Guardian collapses, and permanently banned its responsible manager.
Having peaked at more than 40 per cent growth since the first M&A bid, Insignia Financial shares have returned to earth six months later as the company awaits a final decision from CC Capital.
