Sunsuper acquires Citistreet
Major Queensland-based superannuation fund Sunsuper is to acquire superannuation administration company CSA Retirement Services, formerly known as Citistreet.
Sunsuper confirmed the acquisition today, with its chief executive Tony Lally claiming it represented an excellent opportunity for the fund to extract greater synergies from the two businesses for the ultimate benefit of members.
Sunsuper has been CSA Retirement Services’ (Citistreet’s) major client for the past eight years.
The administration company, originally formed as a joint venture between State Street and Citi Group, will become a wholly-owned subsidiary of Sunsuper.
AUTHOR
Recommended for you
With HNW investors representing the largest market for alternative assets, Praemium and CoreData research underscores why this presents a compelling opportunity for advisers.
Having completed the successful integration of Diverger, Count has upgraded its forecast for expected synergy benefits achieved by the acquisition by a third.
Australia’s largest licensee has seen the biggest number of adviser losses over the past week, while the expected wave of new entrants has boosted overall adviser numbers.
Iress has increased its forecast adjusted EBITDA by $5 million for the 2023/24 financial year in light of the sale of its platform business to Praemium and hinted at a return to dividend payments.
