Industry superannuation funds Hostplus and Club Super have officially completed their merger, after previously entering merger talks in July.
The merger would combine Hostplus’ 1.2 million members and $45 billion funds under management (FUM) with Club Super’s 22,000 members and $600 million FUM.
Club Super members would have their accounts transferred by 14 November and then be able to switch into any of Hostplus’ investment options.
David Elia, Hostplus chief executive, said the merged fund would offer the merged membership a continuation of it’s ‘all profits to members’ strategy.
“Hostplus and Club Super have the same DNA, the same collective heritage, dedicated to serving members from the tourism, hospitality, sporting and recreation sectors,” Elia said.
“Our pledge is that the newly merged fund will continue to deliver high-quality products and services to members and their families, with superior investment performance and retirement outcomes for all.
“In undertaking a merger, Hostplus and Club Super recognise that both organisations have a strong alignment and shared values.”