Fund Company Updates

Cbus and Media Super merger continues

Merger preparations are continuing for Cbus and Media Super, with the two industry superannuation funds to integrate investment, administration and general operations over the next year, while still retaining their individual branding. Media Super is currently in the process of closing off investments. The merger creates a $60 billion fund with 840,000 members.

Investec shuttering Australian business

South African wealth manager, Investec, is closing its Australian business after two decades. The move is not due to performance concerns, but a strategic exit to focus on the UK and South African businesses. The Australian arm of the company employees 98 staff. The corporate advisory business will be forwarded to a new entity owned by the senior leadership team, which will then continue as an affiliate in the Investec network. Investec’s loan book will go to its UK operations, with some parts of the business to be externalised.