POWERED BY MOMENTUM MEDIA
AustralianSuper agrees to merger with LUCRF Super
AustralianSuper has signed a memorandum of understanding to merge with industry fund LUCRF Super next year.
LUCRF Super said it had chosen Australian Super as it offered “best option to ensure the fund can continue its proud and long-standing record of acting in members’ best financial interests” and deliver returns for members.
LUCRF chief executive, Charlie Donnelly, said: “LUCRF Super has specialised in taking care of the retirement savings of a large proportion of the lowest paid workers in Australia for more than four decades and we are certain that a merger with AustralianSuper will continue to provide the best value and benefits to members.
“LUCRF Super will ensure that this merger will provide a model for how best to put members interests first during mergers of this kind.”
AustralianSuper chief executive, Ian Silk, added: “This is a great opportunity for the two funds to get to know each other better and a great example of how funds should think about mergers to maximise the benefits of scale and deliver the best possible outcome for members in retirement”.
The merger was expected to be completed in the first half of 2022 subject to due diligence.
AUTHOR
Laura Dew
Laura Dew is editor at Super Review. Prior to joining SR, she spent five years working at Investment Week in the UK covering asset and wealth management.
Recommended for you
A member body representing some prominent wealth managers is concerned super funds’ dominance is sidelining small companies in capital markets.
Earlier this month, several Australian superannuation funds fell victim to credential stuffing attacks, which saw a small number of members lose more than $500,000.
Small- to medium-sized funds have become collateral damage in an "imperfect" model for super industry levies, a financial institution has said.
Big business has joined the chorus of opposition against the proposed Division 296 tax.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
DomaCom DFS Mortgage
93.34 3 y p.a(%)
2
Global X GlobalX FANG+ ETF
37.15 3 y p.a(%)
3
GAM LSA Private Shares AU I
33.96 3 y p.a(%)
4
Fidante Credit Suisse Global Private Equity
29.68 3 y p.a(%)
5
Plato Global Alpha A
28.73 3 y p.a(%)
