Fund Company Update

Lutheran Super to merge

Lutheran Super has confirmed it has a preferred merger partner, but has not yet named the other fund it is arranging to merge with from a shortlist of three. Official announcements are due early 2023. Lutheran Super has around $600 million in funds under management and 6,000 members who are mostly women.

NGS Super dumps $191m in oil and gas investments

Non-profit industry super fund NGS has divested $191 million in oil and gas investments as part of its responsible investing strategy, with chief executive Ben Squires saying companies that rely on oil and gas revenue risk becoming stranded assets as the world decarbonises. Investment restrictions have been expanded on fossil fuel producers which now includes the exploration sector. The $191 million has been redistributed amongst other portfolios.