ETF provider Betashares is acquiring Bendigo Bank’s superannuation arm as part of its bid to take on the $3.5 trillion super sector and establish itself as a broader financial services outfit.
Mr Vynokur said Betashares had been inundated with “very significant level of inbound interest” from clients wanting to swap to the provider, and he planned to leverage this demand for growing the new fund. “We certainly think there is room for significant improvement in delivering innovative, value for money and engaging superannuation offerings,” he said.“There’s definitely a time in place for the offering that the industry funds bring to the table.
“We’re incredibly well-placed [for acquisitions] that because business is in a fortunate position to have no legacy problems basically to deal with,” he said. “We’ve been very fortunate to have developed a strong position in the industrial and ETF market and not being burdened by legacy has allowed us to focus on growth and allows us to focus on things that really matter.”