The manager of a sub-scale superannuation fund rebranded after APRA named and shamed the company and banned it from taking on new members.
The manager of a sub-scale superannuation fund that rebranded after it was banned from taking on new members when it twice failed regulatory performance tests paid itself $5 million in dividends in as many years.
The trustee of the fund, Equity Trustees, is responsible for managing the fund and its service providers – in this case Acclaim Management Group Limited – to ensure it operates in the best financial interests of members. In late 2020, AMG told the House of Representatives economics committee that its MySuper members fees had reduced by 0.48 per cent per annum over the previous seven years.
Along with AMG Super’s now banned MySuper option, the company operates a number of other investment options targeted at sophisticated and high-net worth investors. Mr Hegerty said the MySuper option represented only approximately 5 per cent of total revenue.“We have always worked closely with the Trustee to improve the outcomes of the AMG MySuper product,” Mr Hegerty said in an interview.
Mr Di Girolamo also owns a 20 per cent stake in an IT consultancy, Flying Donkey IT Pty Ltd, which has contracts with DDH Graham Limited that were worth $435,000 last financial year and $344,000 the year prior.
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