Betashares has completed its acquisition of Bendigo Superannuation and will review the latter’s investment options, while expanding its capabilities for members.
The finalisation of the acquisition, first flagged in September 2023, has resulted in the ownership of Bendigo Superannuation (BSPL), which is the trustee and issuer of Bendigo SmartStart Super and Bendigo SmartStart Pension, moving from Bendigo and Adelaide Bank to Betashares.
At the time the deal was announced, BSPL had funds under administration of $1.4 billion and more than 19,000 members, and Betashares stated its immediate focus was to ensure a “smooth continuation of service” for Bendigo Superannuation members.
“To that end, Betashares has invested in expanding its capabilities with several new hires to support its superannuation offering. This is in addition to the firm’s existing capabilities and the dedicated Bendigo Superannuation team who have transitioned across to Betashares as part of the acquisition,” the investment firm said.
“Betashares will also undertake a review of the fund’s investment menu with a view to building enhanced superannuation solutions.”
Betashares founder and chief executive Alex Vynokur said the acquisition follows an investment of up to $300 million from global investment company Temasek and plans were in place to build on the acquisition.
“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,” Vynokur said.
“As a business, we’re well aware of the importance of superannuation to the financial well-being 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 1 million Australians to help them meet their financial goals from accumulation to retirement.”
He added the acquisition was part of a long-term strategy to build a financial services business with a range of solutions to help investors reach their financial goals, including enhancing its Betashares Direct investment platform and growing its exchange-traded fund business.
