The fund also sold down its stake in Industry Super Holdings, though it remains “the biggest shareholder” in both companies, with around a 20 per cent holding in each.
“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,” AustralianSuper chief investment officer Mark Delaney in a statement provided to Mortgage Business' sister title, InvestorDaily.
“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.”
Annie Kane is the editor of The Adviser and Mortgage Business.
As well as writing about the Australian broking industry, the mortgage market, financial regulation, fintechs and the wider lending landscape – Annie is also the host of the Elite Broker and In Focus podcasts and The Adviser Live webcasts.