Fund Company Update

Christian Super and Australian Ethical to merge

Christian Super will be no more after its merges with Australian Ethical. A Successor Fund Transfer deed has been signed, with all members becoming Australian Ethical members. Australian Ethical has around $4.42 billion in funds under management, adding another $2 billion in the merge. Membership of Australian Ethical after the merger, which will add 30,000 members, will be about 90,000. There are no changes to the Australian Ethical board.

Bendigo Bank to buy ANZ margin lending portfolio

Bendigo and Adelaide Bank is set to buy ANZ’s $715 million investment lending portfolio to boost its own margin lending arm, Leveraged Equities. The portfolio has 11,900 customer facilities, taking Bendigo’s margin lending coverage to over $2 billion.