MUFG to acquire GROW Inc

MUFG Pension & Market Services (MPMS), a member of MUFG, a global financial group, announced it has entered into a binding scheme implementation deed to acquire GROW Technology Services (GROW Inc).

The acquisition is subject to conditions, including obtaining all required regulatory, shareholder and court approvals.

MUFG said the proposed acquisition aligns with its long-term vision to offer best-in-class solutions in pension and superannuation globally, while further strengthening the overall capabilities of its MUFG Retirement Solutions business division in Australia, including adding to its technology suite.

"The proposed acquisition of GROW Inc reflects the continued evolution of the superannuation industry and the changing needs of funds for flexible administration and technology solutions. As the industry continues to evolve, funds are increasingly seeking more tailored approaches to technology, administration and member experience," MUFG Pension & Market Services chief executive and managing director Vivek Bhatia said.

"The proposed acquisition of GROW Inc would complement our existing capabilities and technology platforms. Together with our existing operational depth, governance strength and deep administration expertise, this would expand the range and flexibility that we can offer the market over time."

Bhatia added he believes the acquisition will further strengthen MUFG's long-term resilience, investment capability and commitment to the administration ecosystem of Australian superannuation members.

MUFG Retirement Solutions ANZ chief executive Frank Lombardo said the super sector is increasingly looking to partners who can support a diverse range of strategies, products and member experiences, while continuing to meet rising expectations around service, data, governance and operational performance.

"The proposed acquisition of GROW Inc to our organisation would enable us to support clients with greater flexibility across a wider range of operating models," Lombardo said.

"Most importantly, it would strengthen our ability to bring to market the solutions and services our clients will need in the years ahead, to support the growing needs and expectations of their members."

GROW Inc chief executive John Banfield added:"GROW was founded with a vision to modernise superannuation administration through technology and innovation. The proposed transaction provides GROW with the opportunity to continue that mission as part of an organisation with strong operational capability, client relationships and a long-term commitment to the superannuation sector."

The proposed transaction remains subject to shareholder, court and various regulatory approvals, as well as customary completion conditions.

Both organisations remain focused on supporting their clients, partners and employees, and will continue to operate on a business-as-usual basis while the approval process progresses.

HESTA, which switched its administration services to GROW Inc in June 2025, said it was pleased to support the proposed acquisition.

"While the acquisition remains subject to conditions, including regulatory, shareholder and court approvals, as an early adopter of GROW's innovative technology, our established relationship with both organisations positions us well to continue to optimise the platform," a HESTA spokesperson said.

"GROW is an external service provider to HESTA and the existing platform remains in place. The proposed change of ownership does not affect members' super, with their savings remaining invested by HESTA as usual. We do not expect an impact to our contact centre or core processes, with contributions and payments processed as normal.​

"We continue to look at ways to deliver better value and service to members. From 30 September 2026, members will benefit from lower administration fees on income stream accounts, and this follows a reduction in both insurance and investment fees for members in the past 12 months."