POWERED BY MOMENTUM MEDIA
Hostplus to merge with InTrust Super
Hostplus is to merge with Intrust Super creating a $69 billion superannuation fund.
The two funds had signed a successor fund transfer deed and were targeting 26 November, 2021 for the merger.
Hostplus was one of Australia’s super funds and had $66 billion in assets under management and 1.25 million members while Intrust Super had 90,000 members and $3 billion in assets, both were focused on the hospitality sector.
David Elia, chief executive of Hostplus, said: “We are delighted today, to have formally entered into an agreement with Intrust Super to merge our two funds to create a truly national fund of greater size and scale.
“A significant amount of work has preceded today’s announcement. Both funds continue to approach this merger with enthusiasm and pride; and both funds have a deep respect for each other’s distinctive achievements, performance track-record and for-member profit ethos and values.”
Brendan O’Farrell, Intrust Super chief executive, said: “The merger to be completed later this year, places the best interests of both funds’ combined members at the forefront of our approach to ensuring continued growth, competitiveness, sustainability, and success. The continued growth of Hostplus will help to further secure strong retirement outcomes for Intrust Super members now, and into the future”.
Recommended for you
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.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
DomaCom DFS Mortgage
88.01 3 y p.a(%)
2
Global X 21Shares Bitcoin ETF
72.60 3 y p.a(%)
3
Global X GlobalX FANG+ ETF
44.24 3 y p.a(%)
4
Pengana High Conviction Equities B
40.36 3 y p.a(%)
5
Pengana High Conviction Equities A
40.34 3 y p.a(%)
