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Equipsuper and Vision Super to merge
Industry funds Equipsuper and Vision Super have announced their intention to merge in 2013.
The two funds, rumoured to have been in talks for some time, confirmed the move today saying a merged entity would boast over $8 billion in funds under management and a membership of more than 150,000.
The merger proposal is subject to a range of conditions and regulatory requirements.
A joint announcement said that once necessary licensing requirements are completed, the two funds would focus on pooling their investments in a pooled superannuation trust within a newly formed company, Pooled Super Pty Ltd.
Vision Super's chief executive, Rob Brooks, and Equipsuper's chief investment officer, Michael Strachan, would fill the roles of chief executive and chief investment officer of Pooled Super.
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The two funds have announced the signing of a non-binding MOU to explore a potential merger.
The board must shift its focus from managing inflation to stimulating the economy with the trimmed mean inflation figure edging closer to the 2.5 per cent target, economists have said.
ASIC chair Joe Longo says superannuation trustees must do more to protect members from misconduct and high-risk schemes.
Super fund mergers are rising, but poor planning during successor fund transfers has left members and employers exposed to serious risks.
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