Fund Company Updates

Australian Catholic Super and NGS Super to merge

Industry funds Australian Catholic Superannuation and NGS Super are in merger negotiations, with an announcement made of the intention to merge. The combined entity will have over $21 billion in funds under management and about 210,000 members. Due diligence is underway, with the planned merger to take place in 2022. Current Australian Catholic Superannuation chief executive, Greg Cantor, is the likely contender for chief executive, with NGS Super’s current chief Laura Wright to take on another role.

ESG-only manager Promethos Capital entering Australian market

Global fund manager Promethos Capital is expanding into Australia and New Zealand, using third-party distribution company 3PD. Promethos Capital is an active fund manager operating only in the ESG space, offering global, multi-cap equity strategies that work towards the United Nations Sustainable Development Goals (SDG). The company will be adding to its New York, Boston and Toronto offices, in business since 2019. The firm has about US$30 million in assets under management.

3PD is run by Robert Harrison and Steven Larkin, who co-founded the business to represent specialised managers servicing underserved, in-demand Australian investment segments.

NAB Asset Servicing loses CareSuper custody mandate after over 20 years

CareSuper is moving onto a new custodian of the $16 billion fund, after a very long relationship with NAB Asset Servicing. CareSuper has appointed JP Morgan as custodian, which will act as both custody and funds administration services. The transition is expected in mid-2021.

Class buys Smartcorp

Self-managed superannuation fund (SMSF) technology platform Class Limited has bought corporate compliance and documentation provider, Smartcorp. All Smartcorp shares will be purchased for $4.2 million. Smartcorp was founded in 1979 and launched Australia’s very first online company ordering and ASIC compliance system. The platform has produced over half a million documents for accounting, professional services firms and financial advisory networks, and services over 1,500 businesses.