Hostplus has completed its merger with Intrust Super, creating a superannuation fund with combined $69 billion in funds under management (FUM).
Hostplus had $66 billion in FUM with 1.3 million members while Intrust Super, which serves the hospitality and retail sector, had 90,000 members and $3 billion in FUM.
The merger was first announced in June 2021, and Hostplus was also looking to merge with Statewide Super in the second quarter of 2022.
David Elia, chief executive of Hostplus, said: “We are absolutely delighted with the successful merger, as we continue to create a truly national fund of greater size and scale, supporting the best financial interests of our broadening membership.
“We are immensely proud of the benefits the merger will provide to our newly combined membership, and look forward to welcoming Intrust Super’s members, employers and staff to our growing fund.”
Intrust Super chief executive, Brendan O’Farrell, said: “The shared heritage and traits of Intrust Super and Hostplus formed a solid foundation for what we know will be a great union of our funds.
“The merger puts the best financial interests of both funds’ members first and supports our continued growth, competitiveness, sustainability, and success.
“These factors will help to further secure strong retirement outcomes for Intrust Super’s members now, and into the future.”
