Powered by MOMENTUM MEDIA
moneymanagement logo
 
 

Suncorp sells its super business to LGIA Super

Suncorp/

28 April 2021
| By Mike |
image
image image
expand image

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.

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

Significant ethical issues there. If a relationship is in the process of breaking down then both parties are likely to b...

2 weeks 3 days ago

It's not licensees not putting them on, it's small businesses (that are licensed) that cannot afford to put them on. The...

3 weeks 3 days ago

So we are now underwriting criminal scams?...

6 months 4 weeks ago

After last month’s surprise hold, the Reserve Bank of Australia has announced its latest interest rate decision....

2 weeks 5 days ago

WT Financial’s Keith Cullen is eager for its Hubco initiative to see advice firms under its licence trade at multiples which are catching up to those UK and US financial ...

3 weeks 2 days ago

While the profession continues to see consolidation at the top, Adviser Ratings has compared the business models of Insignia and Entireti and how they are shaping the pro...

4 days 14 hours ago

TOP PERFORMING FUNDS

ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
DomaCom DFS Mortgage
74.26 3 y p.a(%)
3