Renee Howie

“MLC welcomes the Australian Government’s release of the consultation papers on Best Practice Principles for Superannuation Retirement Income Solutions and the Retirement Reporting Framework. These papers represent a significant step forward in strengthening Australia’s retirement income system and ensuring better outcomes for the millions of Australians transitioning into retirement over the coming decade.

As one of Australia’s leading superannuation brands, MLC strongly supports the Government’s focus on improving transparency, product innovation, and member engagement in the retirement phase. The proposed principles and reporting framework align closely with our own commitment to delivering more flexible, personalised, and sustainable retirement income solutions.

The release of these papers comes at a pivotal time, as MLC launches MLC Retirement Boost to help Australians boost their income in retirement by leveraging the concessional treatment of innovative retirement income streams.

MLC is committed to empowering Australians to plan for retirement with greater confidence, flexibility, and clarity. We look forward to contributing to the consultation process and continuing to work with Government, regulators, and industry partners to help shape a retirement system that delivers for all Australians.”

By Renee Howie, MLC’s Chief Customer Officer

The post MLC response to Government’s retirement consultation appeared first on AdviserVoice.

Scott Hartley

CC Capital, a private investment firm focused on investing in and operating high-quality businesses for the long term, and One Investment Management (“OneIM”), a global alternative investment manager, has announced they have entered into a Scheme Implementation Deed (“SID”) with Insignia Financial Ltd (“Insignia”) (ASX: IFL), Australia’s leading diversified wealth management group with over A$330 billion in funds under management and advice. 

Under the SID, CC Capital and OneIM will acquire 100 percent of Insignia for A$4.80 in cash per share via a scheme of arrangement, representing an enterprise value of approximately A$3.9 bn (US$2.5bn) and a 56.9% premium to Insignia’s undisturbed share price of A$3.06 per share on 11 December 2024.

“We believe that Australia’s superannuation system is world-class in addressing the structural challenge of aging populations saving for retirement,” said Chinh Chu, Senior Managing Director of CC Capital. “Insignia’s scale, trusted brands, and deep relationships across the A$4.1 trillion (US$2.7 trillion) superannuation market^[1] make it a compelling long-term platform for growth. We recognize the high duty of care required to steward a business with Insignia’s rich heritage and connection to the retirement and superannuation system, and we are confident that our investment acumen and long-term approach will position us to improve member outcomes and further enhance the operational trajectory of the business.”

OneIM’s CEO and co-founder Rajeev Misra said: “We are excited to partner with Insignia’s management team to help craft the company’s next chapter of continued growth and unmatched member service. We believe Insignia will benefit from OneIM’s approach to creating long-term value for all stakeholders as we help combine Insignia’s history of excellence with technological and investing expertise.”

Scott Hartley, CEO of Insignia Financial, added: “Subject to shareholder and regulatory approvals, the CC Capital and OneIM offer would deliver attractive value to our shareholders, while providing the resources and global perspective needed to accelerate our strategic agenda for members, customers and advisers. I look forward to working with the CC Capital and OneIM teams to continue our focus on creating best-in-class service and outcomes for our members.”

The Insignia Board unanimously recommends that shareholders vote in favor of the scheme, subject to no superior proposal, and subject to an independent expert concluding that the transaction is in the best interests of shareholders.

The transaction is subject to customary regulatory and closing conditions, including approvals from the Foreign Investment Review Board (“FIRB”), the Australian Prudential Regulation Authority (“APRA”), Court and Insignia shareholders. Insignia shareholders are expected to vote on the scheme of arrangement in the first half of 2026 with the transaction to be completed shortly thereafter.

Additional information

The full SID has been filed with the ASX by Insignia. Further information regarding the transaction will be included in the Scheme Booklet expected to be mailed to shareholders in early 2026, as well as in subsequent ASX announcements made by Insignia.

———-

Notes:
[1] APRA superannuation statistics for March 2025. https://www.apra.gov.au/news-and-publications/apra-releases-superannuation-statistics-for-march-2025

The post CC Capital and OneIM enter Scheme Implementation Deed with Insignia Financial Limited, Australia’s Leading Diversified Wealth Management Group appeared first on AdviserVoice.

Scott Hartley

MLC, the largest brand of Insignia Financial, has partnered with TAL and Challenger to develop a Centre of Excellence for MLC Retirement Boost, a new innovative retirement income solution.

The Centre of Excellence will have distribution specialists, digital advice member journeys and modelling tools including a new ‘Retirement Boost Optimiser’ tool to help clients visualise their total retirement income across super, retirement and the age pension. The partnership will see Challenger, as the largest retirement-focused distribution team in market, deliver the retirement expertise and distribution capability needed to bring MLC Retirement Boost to market scale.

MLC Retirement Boost will help provide greater certainty and confidence in retirement. It operates like a standard superannuation account but has the potential to allow Australians to boost income during retirement due to the concessional treatment of innovative lifetime income streams. MLC Retirement Boost will be available on MLC Expand platform for advisers to use with their superannuation clients from August 2025.

Insignia Financial’s CEO Scott Hartley said: “With more than three million Australians retiring over the next decade, MLC wants to redefine what retirement means for Australians and superannuation’s role in it.

“How Australians are thinking about, planning for, and entering retirement has changed. Until now the super industry has treated the accumulation and decumulation phases entirely separately, and we don’t think that accurately reflects how most people view retirement.

“Gone are the days of people fully stopping work and withdrawing their super as a lump sum. Australians are choosing to work for longer, scaling back their hours or even changing careers later in life. They are travelling more, helping care for grandkids and enjoying their retirement journey in more individual ways.

“MLC Retirement Boost will give Australians more personalisation and flexibility in their retirement planning, increase the potential of super for more people and potentially create higher retirement income, from their first super contribution.

“Recognising the critical role financial advisers play in retirement planning and delivering high quality retirement advice, MLC Retirement Boost will be available for advisers to use with their superannuation clients from August 2025 on MLC Expand.

“This innovative partnership combines the expertise of MLC, as one of the oldest and largest pension payers in Australia, with TAL as a leading life insurer and Challenger as the largest annuity provider.

“This is just the first step in MLC’s offering in this space, and I’m excited for what’s to come over the next 12-18 months as we continue to enhance MLC Retirement Boost to provide advisers with more options and flexibility to deliver personalised retirement income strategies to their clients.”

TAL’s Group CEO and Managing Director Fiona Macgregor said: “We’re excited to extend our partnership with MLC to design and develop an innovative retirement solution for MLC Expand platform clients. This partnership reflects our commitment to supporting Australians through every life stage.

“As millions of Australians prepare for life after work, TAL is proud to partner on solutions that deliver better outcomes for retirees.

Together, we’re focused on making retirement more secure and easier to navigate.”

Challenger’s CEO and Managing Director Nick Hamilton said: “Challenger is delighted to partner with MLC to support their customers and offer an innovative retirement solution for advisers and their clients.

“This is a pivotal moment in Australia, as retirement income moves from the sidelines into the mainstream. Backed by 40 years’ experience in retirement innovation, investment management and distribution, we’re proud to help lead this shift – through partnerships like this – that will enable more Australians to have financial security in retirement.

“Our deep experience in retirement income means Challenger is uniquely positioned to help MLC scale faster and support more Australians to build stronger, more confident retirement strategies.”

The post MLC announces retirement partnership with TAL and Challenger ahead of innovative retirement solution launch appeared first on AdviserVoice.

Dave Woodall

Insignia Financial has successfully transitioned a range of administration and technology functions to global technology leader SS&C Technologies (SS&C), completing the next step in the transformation of its Master Trust business. This follows the signing of a Master Services Agreement in February.

Last week, nearly 1,300 people within the administration, technology and digital teams that support the Master Trust business, have moved to SS&C. This model and partnership is the first at this scale across the Australian financial services industry, and will deliver meaningful benefits for Insignia Financial’s people, customers and shareholders.

Members, employers and advisers will continue to engage with their existing contacts without any disruption, ensuring continuity of service, operations and product knowledge. Insignia Financial will retain functions such as claims, complaints, product development, relationship management, marketing, member education and advice and guidance.

This partnership, along with the positioning of MLC as the go-forward brand, marks another significant step in the ongoing transformation and simplification of the Master Trust business.

CEO MLC Super, Dave Woodall, said: “We’re excited to have successfully completed this major milestone in our industry-first partnership with SS&C, which will enable us to better serve our customers.

“We’re delivering on our commitment to simplify and transform our superannuation business to convert our size into meaningful scale benefits, through lower cost-to-serve, competitive fees and industry leading service outcomes, under our go-forward brand, MLC.

“The transition provides continuity of service for our members, employers and advisers, while laying the foundation for a more intuitive and consistent experience, and a business that’s better positioned to grow and adapt.

“This is an important step towards achieving our 2030 vision to be Australia’s leading and most efficient wealth management company. As we embed our partnership with SS&C, we’re now focused on executing the next phase of our strategy as outlined in our FY26-30 priorities.”

SS&C Head of Global Investor and Distribution Solutions, Australia, Shaun McKenna, said: “We’re proud to be working alongside Insignia Financial on this transformation and welcome the talented team members joining SS&C through this transition.

“Our relationship is built on a strong foundation of trust, innovation and a shared commitment to improve retirement outcomes for all Australians.”

The post Insignia Financial and SS&C complete major milestone in transformation of Master Trust business appeared first on AdviserVoice.

The Indicative Proposal represents a cash price per share the same as that proposed by CC Capital Partners LLC in its revised non-binding indicative proposal received on 17 January 2025 and Bain Capital in its second revised non-binding indicative proposal received on 22 January 2025.

The Indicative Proposal is expressed to be subject to a number of conditions including satisfactory completion of due diligence, execution of a binding scheme implementation agreement on customary terms, unanimous recommendation to vote in favour of the transaction from the Insignia Financial Board of Directors and commitment from all directors to vote in favour of the transaction (subject to customary carve-outs) and approval of Brookfield’s investment committee of final transaction terms.

In addition, any transaction would, if entered into by Insignia Financial, be subject to approval of the Foreign Investment Review Board and the Australian Prudential Regulation Authority.

In order to determine if Brookfield is able to formulate an improved proposal from that reflected in the Indicative Proposal, Insignia Financial will offer to provide to Brookfield a limited period of access to certain non-public information on a non-exclusive basis. The provision of this information will be subject to certain conditions, including the signing of an appropriate confidentiality and standstill agreement by Brookfield.

The provision of limited due diligence does not guarantee that the Indicative Proposal will result in a binding offer or one that is capable of being recommended by the Board of Insignia Financial.

IFL shareholders do not need to take any action. Insignia Financial will continue to keep the market informed in accordance with its continuous disclosure obligations.

Insignia Financial has engaged Citigroup and Gresham Advisory Partners as its financial advisers and King & Wood Mallesons as its legal adviser.

This announcement was approved for release by the Market Disclosure Committee of Insignia Financial Ltd.

The post Indicative Non-Binding Proposal received from Brookfield appeared first on AdviserVoice.

Commenting on the appointment, Insignia Financial CEO Scott Hartley said: “I’m excited to welcome Damien to the Insignia Financial executive team, in his first executive role.

“With more than 25 years’ experience within IT and financial services, including 17 years with Insignia Financial (formerly IOOF), Damien brings to this role a deep understanding of the technology and financial services industries and will be an integral part of the execution of our FY2030 Strategy.

“Most recently Damien served as the General Manager, Wrap Technology and Operations where he led the build out of our proprietary technology and the operational teams supporting Insignia’s Wrap business.

“Damien’s appointment is a testament to the calibre of people we have within Insignia Financial, and our commitment to fostering and developing leaders across the business to support our ambition to be the leading and most efficient wealth management company by 2030.

“I would also like to acknowledge and thank Frank Lombardo, who has been acting in the Chief Technology Officer role, for his outstanding contribution to our business for nearly a decade. While acting in the role over the last six months, he’s overseen the completion of our NAB separation and supported the transition to our new operating model.”

Damien commenced in role on 6 January 2025.

The post Insignia Financial appoints Chief Technology Officer appeared first on AdviserVoice.

The Board of Insignia Financial has carefully considered the CC Capital Revised Indicative Proposal.

In order to determine if CC Capital is able to formulate a further improved proposal from that reflected in the CC Capital Revised Indicative Proposal, Insignia Financial has offered to provide to CC Capital a limited period of access to certain non-public information on a non-exclusive basis. The provision of this information is subject to certain conditions, including the signing of an appropriate confidentiality and standstill agreement by CC Capital.

The provision of limited due diligence does not guarantee that the CC Capital Revised Indicative Proposal will result in a binding offer or one that is capable of being recommended by the Board of Insignia Financial.

IFL shareholders do not need to take any action. Insignia Financial will continue to keep the market informed in accordance with its continuous disclosure obligations but it will not otherwise be commenting on the process that is now underway with CC Capital.

Insignia Financial has engaged Citigroup and Gresham Advisory Partners as its financial advisers and King & Wood Mallesons as its legal adviser.

Insignia Financial will release its 2Q25 Business Update on 23 January 2025 and announce its 1H25 results on 20 February 2025.

This announcement was approved for release by the Board of Insignia Financial Ltd.

The post Update in relation to the Revised Indicative Non-Binding Proposal received from CC Capital appeared first on AdviserVoice.

The CC Capital Revised Indicative Proposal represents:

• a 7% premium to CC Capital’s original non-binding indicative proposal of $4.30 cash per share dated 3 January 2025 (Initial CC Capital Proposal) and Bain Capital’s revised nonbinding indicative proposal of $4.30 cash per share dated 11 January 2025 (Revised Bain Proposal); plus
• a cash price that is $0.30 per share higher than that proposed by CC Capital in the Initial CC Capital Proposal and Bain Capital in the Revised Bain Proposal respectively. The CC Capital Revised Indicative Proposal is otherwise subject to the same terms and the same conditions as the Initial CC Capital Proposal (as summarised in Insignia Financial’s announcement of 6 January 2025).

The Board of Insignia Financial, together with its financial and legal advisers, is considering the CC Capital Revised Indicative Proposal. There is no certainty that the CC Capital Revised Indicative Proposal will result in a binding offer or that any transaction will eventuate.

IFL shareholders do not need to take any action at this time. Insignia Financial will continue to keep the market informed in accordance with its continuous disclosure obligations. Insignia Financial has engaged Citigroup and Gresham Advisory Partners as its financial advisers and King & Wood Mallesons as its legal adviser. This announcement was approved for release by the Board of Insignia Financial Ltd.

The post Insignia Financial receives Revised Indicative Non-Binding Proposal from CC Capital appeared first on AdviserVoice.

The Revised Indicative Proposal represents a 7.5% premium to Bain Capital’s original non-binding indicative proposal of $4.00 cash per share dated 12 December 2024 (Initial Bain Proposal) and represents a cash price per share the same as that proposed by CC Capital Partners LLC in its non-binding indicative proposal received on 3 January 2025 (CC Capital Proposal).

Bain Capital has also noted in its Revised Indicative Proposal that it is open to discussing a transaction structure that would provide Insignia Financial shareholders with an opportunity to receive a proportion of their total consideration as scrip consideration in the ultimate Bain Capitalcontrolled holding entity of Insignia Financial.

The Revised Indicative Proposal is otherwise subject to the same terms and the same conditions as the Initial Bain Proposal (as summarised in Insignia Financial’s announcement of 13 December 2024).

The Board of Insignia Financial, together with its financial and legal advisers, is considering the Revised Indicative Proposal in parallel with its consideration of the CC Capital Proposal. There is no certainty that either proposal will result in a binding offer or that any transaction will eventuate.

IFL shareholders do not need to take any action at this time. Insignia Financial will continue to keep the market informed in accordance with its continuous disclosure obligations.

Insignia Financial has engaged Citigroup and Gresham Advisory Partners as its financial advisers and King & Wood Mallesons as its legal adviser.

The post Insignia Financial receives revised Non-Binding Indicative Proposal from Bain Capital appeared first on AdviserVoice.

Scott Hartley

Insignia Financial Ltd (ASX:IFL) has successfully achieved a significant milestone in the separation of MLC Wealth (MLC) from National Australia Bank Limited (NAB), a major step in the company’s simplification program since it acquired MLC from NAB in 2021.

The transition of the MLC MasterKey and Plum registries, along with associated applications, from NAB to Insignia Financial is one of the largest wealth management separations in Australia’s financial services history. Over 700,000 MasterKey and Plum accounts, 55 systems and applications and more than 100 terabytes of data have been migrated.

As a result, Insignia Financial is no longer reliant on NAB systems and technology to service its customers, employers and advisers, with employees operating entirely within the Insignia Financial environment. As part of this transition, Insignia Financial has also moved the Corporate and MLC general ledger to Workday, upgraded its infrastructure and applications, enhanced system performance and uplifted security and monitoring to make its environment safer for members. At the same time, Insignia Financial has introduced operational improvements for technology teams to improve system and infrastructure management and transitioned some applications, including MLC’s core registry system, to the cloud.

Insignia Financial Chief Executive Officer, Scott Hartley said: “Separating MLC from NAB was the most important initiative we had to deliver as an organisation in FY25, and I am pleased to announce this significant separation milestone.

“Following the migration of MLC Wrap, MLC Navigator, and associated offers to the MLC Expand platform in April, this separation further demonstrates our ability to deliver complex, large-scale transformation projects. It also marks the second successful execution of a major exit of a superannuation business from a bank, the first being Insignia Financial’s separation of the Pensions and Investments business from ANZ in 2022.

“While there is still work to be done before we formally exit the Transitional Services Agreement (TSA) in May 2025, achieving this critical milestone sets us up to simplify our Master Trust capabilities and enables us to shift our focus in FY26 towards accelerated and sustainable growth, driven by a relentless obsession with our customers. “

This separation will simplify and streamline processes and deliver significant cost savings with the exit of the TSA. These savings are included in the FY25 net cost reduction of $60-65 million, and in the net BAU opex reduction goal of ~$200 million over FY26-30, as announced at our recent Investor Day.”

The post MLC successfully separates from NAB appeared first on AdviserVoice.