$1.1b Stateplus investment tanks 65pc
Jul 12, 2021 â 9.55am
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Aware Super members have been saddled with an extra $300 million loss over the last two financial years stemming from the fundâs troubled StatePlus acquisition.
The further writedowns of the financial advisory business StatePlus, which was taken over by Aware Super predecessor First State Super in 2016 for $1.1 billion, have reduced the value of the original purchase to about $400 million - vaporising about $700 million in member savings.
Deanne Stewart, CEO of First State Super.Â
Daniel Munoz
The 65 per cent collapse in the value of the investment, however, is held in the pricing of a promissory note that now stands in the place of the StatePlus asset once held by the membersâ investment portfolio.
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