AusSuper sells down ME Bank stake

AustralianSuper has reduced its holding in the industry super fund-owned ME Bank to “better reflect the changed nature” of Australia’s superannuation sector.

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.”

Mr Delaney said that 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.

[Related: Profits surge as settlements rise by 36% for non-major]

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