Betashares completes acquisition of Bendigo Super
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The news: Exchange traded funds (ETF) provider Betashares has completed the acquisition of Bendigo Superannuation, marking its entry into Australia’s superannuation industry.
The numbers: Betashares agreed to buy the super business from Bendigo and Adelaide Bank in September 2023. At the time, Bendigo Super serviced more than 19,000 members, with $1.4 billion in funds under administration.
The context: The ETF provider, which manages $40 billion, has long planned an entry into the $3.9 trillion super sector as part of a long-term strategy to build a broader financial services business.
On Monday, Betashares said its immediate focus for superannuation would be to ensure a smooth continuation of service for existing Bendigo Super members.
Betashares said it will also undertake a review of the fund's investment menu with a view to building enhanced superannuation solutions.
What they said: “To that end, Betashares has invested in expanding its capabilities with several new hires to support its superannuation offering," it said in a statement.
"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 source: Betashares media release
