Betashares completes superannuation move

Betashares has made its move into the superannuation space official, completing its acquisition of Bendigo Superannuation and now managing $1.4 billion in members’ assets.

The announcement comes almost 12 months after the transaction was first reported, which has since received the necessary regulatory approvals to come into effect.

Betashares chief executive, Alex Vynokur, said the firm’s foray into superannuation was part of its “long-term strategy” to become a “leading financial services business” that is present across Australians’ entire wealth creation journeys and provides “innovative products” to service clients from accumulation phase to retirement phase.

“Over the past 14 years we’ve expanded the range of investment solutions that are guided by our values of simplicity, cost-effectiveness and transparency, aiming to democratise wealth creation opportunities for investors,” he said.

“As we expand into a broader financial services business, we’re focussed on helping our clients make smarter financial decisions and create long-term value as they look to progress on their wealth creation goals.”

The firm said it had also conducted a hiring streak to support the expansion of its capabilities and its transition into a conjoined investment and super business, joining the existing Bendigo Superannuation team who have travelled across to Betashares as part of the acquisition.

It will also conduct a review of the current investment suite offered by Bendigo Superannuation and look to boost its solutions for members, with more options, better member engagement and improved educational resources and tools.

“We believe our heritage, expertise, values and client focus will enable us to bring a unique perspective to Australia’s internationally renowned superannuation sector,” Vynokur said.

“To that end, as well as ensuring a smooth continuation of day-to-day operations for existing members, we are working on a range of initiatives to bring more member focus, improved member outcomes and better education to the Australian superannuation industry.

“This work will be underpinned by our passion for innovation and laser focus on helping Australians financially progress.

“As a business, we’re well aware of the importance of superannuation to the financial wellbeing of Australians given its place as the biggest asset outside of the family home for many people.

“Over the coming years, we will continue to invest in our already extensive capabilities and build on our trusted position as a steward of capital for over one million Australians to help them meet their financial goals from accumulation to retirement.”

The acquisition follows a $300 million injection from global investment company, Temasek, into the business, as well as the exchange traded fund (ETF) business reaching $40 billion in funds under management (FUM) for over one million investors.