Fund Company Updates

Company Updates

LESF Super merging into Member’s Choice

Industry fund LESF Super is merging into Smartsave ‘Member’s Choice’ Superannuation. The successor fund transfer is expected to be complete by 16 July. All accounts within LESF Super sub-plans, such as Grow Super and Zuper, will be transferred. Diversa is the trustee for LESF Super and Smartsave, having chosen to merge to create a stronger, larger superannuation fund structure. Zuper and LESF, and their sub-plans, were unlikely, Diversa said, to reach sufficient scale to be viable in the future.

Westpac sells final holding in Pendal Group

Westpac Bank has divested the last 9.5 per cent stake it held in Pendal Group (formerly BT Investment Management up to 2018). Pendal will still manage (amidst withdrawals) the $14 billion it manages for Westpac.

ASX rebalancing sees HUB24 and Pinnacle IM drop off

In a rebalance of the Australian indices, HUB24 and Pinnacle Investment Management - amongst over 200 other changes - will be dropped off the S&P/ASX 200 on June 22, as Centuria Industrial REIT is added. The updates were due to go ahead in March 2020, but due to extreme market volatility, the rebalance was delayed. AMP is out of the S&P/ ASX 50, being replaced by A2 Milk - the only change in the 50 largest companies in the market cap index. Australian Ethical Investment has been added to the S&P/ ASX 300, with All Ords welcoming VGI Partners, Elanor Commercial Property Fund, Primewest, 360 Capital REIT and Prospa, amongst others. OneVue has left the All Ords.