Kinetic Super and Sunsuper in merger talks

The boards of Kinetic Super and Sunsuper have signed heads of agreement, giving in principle support for a merger.

The final decision to merge had not been made as both funds needed to complete a comprehensive due diligence process. The funds would look to commence a full merger later in the year when the due diligence process had been completed.

The combined fund would have more than $45 billion in funds under management, 1.3 million members, and over 100,000 employers.

Related News:

Kinetic Super board chair, Frank Gullone, said combining the funds would not only achieve further economies of scale in the form of lower fees, but would also accelerate the delivery of enhanced services and products to all members.

“The two funds are highly complementary and share similar values. We united by our profit-for-member model and unfaltering focus on maximising members’ retirement savings within a low-cost and transparent structure,” Gullone said.

Sunsuper chair, Ben Swan, said the proposed merger was an opportunity to leverage the strengths and capabilities of both organisations for the benefit of their members and employers.

“With the shared objective of always acting in our customers’ best interests, a successful merger will drive future efficiencies, promote a stronger competitive position in the market, and ultimately generate greater value for the combined member and employer base,” Swan said.

Related Content

73% of Aussies plan to use the Age Pension

Most Australians (63 per cent) do not have a plan for how they will live in retirement and 73 per cent plan to use the Age Pension when they retire, a...more

Sunsuper cuts pension fees

Sunsuper has cut its administration fees for all its pension products to remain competitive.The fund dropped the Sunsuper Income Account weekly pensio...more

Demand for contingent workers rises

Employers in the financial and insurance services are one of the fastest growing users of contingent workforces, according to the Kinetic Super.Kineti...more



Add new comment