Fund Company Update
/ART and Alcoa explore merger
Australian Retirement Trust (ART) and Alcoa Super are in discussions exploring a merger. Due diligence has been entered into. A review by KPMG in 2022 found that Alcoa would struggle to satisfy member interests in about two years.
Mergers are being explored by ART with Commonwealth Bank Group Super, AvSuper and Woolworths Group, while a successful merger has been completed with Oracle Superannuation Plan.
UBS to acquire Credit Suisse
UBS is to buy Credit Suisse for $4.8 billion. The Swiss National Bank (SNB) will put in $160 billion in liquidity assistance to support the acquisition. UBS has said it doesn’t have any plans to remove Credit Suisse staff.
Credit Suisse has been experiencing difficulties in confidence of clients, with substantial outflows, compounded by US banking challenges this month. The new joint business will worth over US$5 trillion.
Link Group to divest banking and credit management business
Link Group sold its banking and credit management business for cash consideration of up to $48 million to LC Financial Holdings, an Irish company. The transaction is to be completed later in 2023 subject to regulatory approvals.
Gryphon Capital sold to Barings
Barings has entered the Australian wealth market by acquiring 100 per cent of Gryphon Capital Partners, the parent company of Gryphon Capital Investments. Gryphon’s $2.6 billion in assets under management will merge with Barings Global Structured Finance with $12.3 billion, and the two teams will merge.
