AUSTRALIA - The acquisition of investment consultant Intech by superannuation provider Skandia will spawn one of the largest Australian multi-managers with over AUS$13bn in combined funds under management.
The acquisition will see both companies continue to focus on their respective clients and retaining their respective brands. Both operations, however, will be able to take advantage of the larger combined investment research team and wider distribution.
"Both companies reap the benefits of scale and increased distribution through both the retail and institutional markets," said Intech CEP, Michael Monaghan.
Skandia CEO Ross Laidlaw commented: "This powerful combination positions Skandia and Intech extremely well in a market that is consolidating with increasing price pressure.
"To achieve our growth objectives and strengthen out positioning, Intech provides an excellent strategic fit for our business."
The combined scale and capabilities of the companies will result in one of the largest multi-managers in Australia, together with an established administrative platform service.
The top stories this week were the High Court's decision to block the £12bn annuity transfer from Prudential to Rothesay Life, and a separate court ruling that 'raises the bar' for pension rectification exercises.
Guaranteed minimum pension (GMP) equalisation has soared to the top of pension schemes' to-do lists, with 58% stating it is a priority project, research from Equiniti has revealed.
Professional Pensions is holding its defined contribution (DC) conference on 4 September.