AustralianSuper has confirmed it has sold down its stake in Industry Super Holdings in a move intended to “better reflect” the modern face of Australia’s superannuation sector.
The fund also sold down its stake in ME Bank (a subsidiary of Industry Super Holdings), though remains “the biggest shareholder” in both companies, with around a 20 per cent holding in each company.
“AustralianSuper has rebalanced its shareholding in ME and Industry Super Holdings to better reflect the changed nature of the superannuation sector while reinforcing its commitment and support for the two organisations,” said AustralianSuper chief investment officer Mark Delaney.
“The rebalancing was a result of a number of fund mergers, which had seen AustralianSuper owning significantly more than any of the other major shareholder funds. There was also a desire from the other shareholders to increase their stakes in the two organisations.”
Mr Delaney said the fund “remains a committed investor” in both ME Bank and Industry Super Holdings, and that there was “a desire” from another shareholder to increase their stake in the two businesses.
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