Fund Company Update

Company Updates

First Nations Foundation launches an information site

Indigenous financial literacy foundation First Nations Foundation (FNF) has launched indigenoussuper.com. au to help Indigenous Australians find, understand and build superannuation balances. Supporters include AustralianSuper, Cbus, MLC Wealth, Suncorp, TelstraSuper and UniSuper.

Franklin Templeton finalises Legg Mason acquisition

Legg Mason now officially belongs to Franklin Templeton, with the combined entity now one of the largest specialist managers in the world with US$1.4 trillion in assets under management. Franklin Resources (parent company of Franklin Templeton) announced the completion of the acquisition.

Powerwrap and Praemium to merge

A target statement has been published by Powerwrap directed at shareholders to recommend they accept the off-market takeover offer from Praemium. Powerwrap is priced at 29.75 cents per share based on a price of 44.50 cents per Praemium share as at July 28. Praemium is to split the $55.6 million purchase price as 7.5 cents per share in cash and one Praemium share for every two Powerwrap shares. Praemium will be the largest shareholder of Powerwrap, with a 15.1 per cent stake.

First State Super and WA Super merger

A memorandum of understanding has been signed and due diligence has been entered between First State Super and WA Super for a merger. The industry superannuation funds are expected to sign off on the merger by the end of November. The WA Super brand will be axed.