CareSuper and Spirit Super have announced they will explore a potential merger.
The two industry funds had entered into a memorandum of understanding to create a possible fund with over 500,000 members and $45 billion in funds under management.
The two chairs, Linda Scott of CareSuper, and Naomi Edwards of Spirit Super, said both funds had a shared vision to create a mid-sized fund with a distinct point of difference.
“Both funds will now undertake extensive due diligence, before any decision is made, to ensure a merger is in the best financial interests for members of both funds. This process will take several months. In the meantime, the funds will continue to operate independently with no disruption to operations, each focused on continuing to deliver positive outcomes for members.
“Both CareSuper and Spirit Super members can be assured they will be kept informed of any material decisions. There is no change to any aspect of any member’s funds, investments or insurances as a result of this preliminary non-binding MOU.”
CareSuper was established in 1986 for office professionals and had 220,000 members and $20 billion in funds under management while Spirit Super was formed last year through the merger of Tasplan and MTAA Super. Spirit Super was focused on regional and rural memberships and had 324,000 members and $25 billion in funds under management.
