Fund Company Update

Club Plus and AustralianSuper talk merger

A memorandum of understanding has been signed between Club Plus Super and AustralianSuper as the superannuation funds consider a merger. The two funds are aligned in many ways, in terms of culture and goals, making the merger a good fit in theory.

IOOF allowed to buy NULIS Nominees

The Australian Prudential Regulation Authority (APRA) has approved the application by IOOF Holdings Ltd to hold a controlling stake in NULIS Nominees (Australia) Limited, an RSE licensee of NAB. In August 2020, IOOF entered into an agreement with NAB to buy the MLC Wealth business, which included NULIS, subject to regulatory approvals. Changes to the controlling stake in an RSE licensee require APRA approval.

UniSuper opens to the public

As of July 2021, UniSuper will allow any member of the public to join the superannuation fund, not just those in the higher education and research sectors.