Alex Vynokur
Leading Australian financial services business, Betashares, today announced it has completed its acquisition of Bendigo Superannuation as part of its long planned entry into the $3.9 trillion[1] Australian superannuation sector.
This acquisition marks an important chapter for Betashares as it implements its long-term strategy to build a leading financial services business, offering a wide range of quality solutions to help clients reach their financial goals. Most notably, this vision includes the provision of a greater range of innovative products and services to help more Australians progress across all stages of their wealth creation journey.
Betashares Founder and CEO, Mr Alex Vynokur, said: “Over the past 14 years we’ve expanded the range of investment solutions that are guided by our values of simplicity, cost-effectiveness and transparency, aiming to democratise wealth creation opportunities for investors. As we expand into a broader financial services business, we’re focussed on helping our clients make smarter financial decisions and create long-term value as they look to progress on their wealth creation goals.”
Betashares’ immediate focus for superannuation is ensuring a smooth continuation of service for existing 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.
Betashares will also undertake a review of the fund’s investment menu with a view to building enhanced superannuation solutions. Over time, Betashares has a vision for superannuation that includes bringing more member focus and innovation to the industry. This strategy will include a greater range of investment options, improved member engagement, and enhanced education.
Alongside superannuation, Betashares is focused on enhancing its fast-growing Betashares Direct investment platform as well as growing its ETF business, which now manages $40 billion on behalf of over one million investors, as well as large institutions and thousands of financial advisers.
The completion of the Bendigo Superannuation acquisition follows the investment of up to $300 million from global investment company, Temasek, which will turbocharge a range of growth initiatives for Betashares.
“We believe our heritage, expertise, values and client focus will enable us to bring a unique perspective to Australia’s internationally renowned superannuation sector. To that end, 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. This work will be underpinned by our passion for innovation and laser focus on helping Australians financially progress,” Mr Vynokur said.
Globally, Australia’s superannuation system is the fourth largest pension market with over $3.9[2] trillion dollars in assets, and is forecast to grow to over $11 trillion in 2043[3].
“As a business, we’re well aware of the importance of superannuation to the financial wellbeing 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 one million Australians to help them meet their financial goals from accumulation to retirement,” Mr Vynokur concluded.
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