It’s now official, Media Super and Cbus Super are to merge.
The two industry superannuation funds announced today they had signed a memorandum of understanding and will commence due diligence on a joint arrangement to be in operation in 2021.
The merger had been the subject of substantial speculation and was confirmed in a joint statement today.
Media Super oversees just under $6 billion in retirement savings for workers predominantly in the printing, arts, media, and entertainment industries. Cbus is a $54 billion dollar fund primarily for workers in the building, construction and allied sectors. The joint arrangement will potentially The manage the retirement savings of over 800,000 Australians.
The statement said the partnership would see a merging of the funds’ investment and administration operations with both the Cbus Super and Media Super branding being maintained.
Commenting on the move, Media Super chair, Gerard Noonan said the joint arrangement would let Media Super members access the benefits of scale.
“By increasing our size, we can provide access to a greater range of investment opportunities and provide a better deal through cost savings, potentially reducing the investment fees,” Mr Noonan said.
