Hostplus has completed its merger with Maritime Super, bringing its total funds under management to more than $100 billion.
This follows a comprehensive due diligence process and will see 23,000 Maritime Super member accounts join Hostplus, bringing over more than $6 billion in funds under management.
The two funds had signed a memorandum of understanding (MOU) in February 2022 and a successor fund transfer (SFT) in December 2022.
In the latest financial year, Hostplus saw its MySuper Balanced option achieve an 8 per cent return and 8.9 per cent per annum over a 10-year horizon.
David Elia, Hostplus chief executive, said: “The finalisation of Hostplus’ merger with Maritime Super is an exciting milestone and represents another step on Hostplus’ growth and evolution to becoming a lifetime fund of choice for an increasing number of Australians.
“Hostplus is focused on delivering exceptional retirement outcomes for our members, which are supported by low admin fees and sustained net investment performance over the long-term. Our continued growth means we can further leverage scale benefits to keep costs low whilst also investing in products and services that support our members journey towards retirement.”
Peter Robertson, chief executive of Maritime Super, added: “We are delighted to complete the merger with Hostplus today and know that they will continue our journey to support our members realise their retirement goals with Hostplus. We’ve upheld a strong focus on service to members and access to comprehensive financial advice which will carry forward with Hostplus.”
“For over 50 years, Maritime Super has supported workers and employers in the maritime industry and we are proud of our track record of delivering financial security for our members. Hostplus’ demonstrated commitment to member best financial interests will ensure benefits to our members are continued into the future.”
