Workplace super something employers want to do

Trans-Tasman financial services company Promina is on the acquisition path, with the purchase of superannuation provider Standard Pacific being only the latest move.

Wednesday, October 19th 2005, 7:07AM

by Rob Hosking

Standard Pacific was bought by Promina subsidiary Asteron and although the initial reason for the purchase is developments of the Australian workplace superannuation market, the company is also eyeing up the potential from policy moves such as KiwiSaver in New Zealand.

And Promina – whose brands in New Zealand also include Vero, Guardian Trust, and Tyndall Investment Management – has also indicated it is looking to expand further by acquisition, both within and outside Australasia.

Spokeswoman Felicity Glennie-Holmes said that acquisitions are being considered but reiterated earlier comments that they are “at the desktop stage”.

Asteron Australia’s chief operating officer Brett Himbury says the Standard Pacific decision is driven by a maturing of the Australian workplace superannuation market.

“Corporate superannuation is now more than a legislative impost – it’s become something employers want to do well. That has put a lot more onus on factors such as member education, and getting price and product right.”

Standard Pacific, which has been described, as a “boutique superannuation provider” will be used as a vehicle to provide greater sales, marketing and distribution penetration for corporate superannuation clients within the Promina Group.

Himbury says the initial focus of the Standard Pacific acquisition would be in in Australia.

“But if and when there is the opportunity we will have something which is easily exportable.”

Rob Hosking is a Wellington-based freelance writer specialising in political, economic and IT related issues.

« Increased superannuation payouts likely under new government

NZ Super Fund coming to grips with SRI »

Special Offers