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(April-2003) Merger transports Tasplan into new era
Two transport related industry funds — the Bus and Coach Super Scheme and Transecure — are in talks to merge into Tasplan in a move that will create a new industry fund with around 85,000 members and $440 million in assets.
Tasplan general manager Neil Cassidy says: “The heads of agreement for the proposed merger are being finalised and the due diligence that we are doing on each other is under way. We have set April 15 as the date to complete this, but as yet, the merger is still not signed, sealed and delivered.”
Cassidy notes that there are certain areas of commonality between the three funds: all have Australian Administration Services as their administrator and Mercer Investment Consulting as their asset consultant.
“We believe that the resulting economies of scales will allow us to deliver a wider range of services and benefits to members,” he says.
Assuming all else goes well, July 1 has been set as the date for the merger to take place.
Tasplan currently has assets of $340 million and almost 66,000 members. The merger is its first move out of its home base of Tasmania, but Cassidy says: “While we never had a strategy to move interstate, this gives us the chance to grow our base and explore new opportunities.”
He says the fund will set up an office in Sydney to service the needs of the new members and employers gained through the merger. At this stage, however, there are no plans to change the fund’s name.
AUTHOR
Zilla Efrat
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