Betashares will directly enter the superannuation market after reaching has reached an agreement with Bendigo and Adelaide Bank to acquire Bendigo Superannuation.
In a media release on Wednesday, the Bank said it anticipates the sale to have minimal disruption to the fund members. It also expects several of its employees will transfer to Betashares to ensure continuity of service and offering to members.
The acquisition is currently subject to regulatory approvals and is expected to be completed in 2024. It is part of Betashares’ strategy to expand into the broader financial services sector.
Bendigo Superannuation currently has assets of $1.4 billion and more than 19,000 members.
Betashares’ ETF business recently passed $30 billion in funds under management.