POWERED BY MOMENTUM MEDIA
ISA/AIST merger receives super funds' approval
The profit-to-member superannuation funds represented by Industry Super Australia (ISA) and the Australian Institute of Superannuation Trustees (AIST) have agreed to a merger towards a single “strong and unified voice” in the sector.
In a joint statement to Super Review, the industry bodies said: “The new entity will build on the impressive legacies of achievements of both AIST and ISA and combine the knowledge, expertise, and capabilities of those organisations to be a powerful advocate for super fund members on all systemic matters relevant to super and retirement.
“As balances grow and more members reach retirement age, the long-term interests of members are best served by a compelling voice that is focused on protecting and growing their savings.”
The talks of a merger have been circling for at least eight months after ISA and AIST confirmed they were in talks in late January.
At the time, whether any potential merger would be open to member consultation had not been confirmed by either of the two major industry bodies.
ISA manage collective programs on behalf of nine industry super funds while AIST represent some 36 profit-to-member funds which include industry, corporate, and public sector funds.
The industry bodies have some overlapping members that constitute the country’s largest funds, including $240 billion AustralianSuper which is Australia’s largest super fund; $100 billion Hostplus; and $74 billion HESTA.
“The boards of AIST and ISA and their funds continue to work towards creating this new entity,” the statement added.
AUTHOR
Rhea Nath
Rhea L Nath is a journalist at Money Management and Super Review, with a focus on financial advice, investments, funds management, and superannuation. Previously, she covered small business and entrepreneurship news at Dynamic Business and multicultural issues at Indian Link Media Group. In 2022, she was named Young Journalist of the Year at the NSW Premier’s Multicultural Communications Awards.
Recommended for you
Australia’s second-largest super fund has confirmed it is expanding its presence in the UK following significant investment in the region.
A member of the super fund has approached ASIC to investigate potentially misleading or deceptive representations by UniSuper regarding the holdings of its sustainable portfolios.
The median growth fund delivered 1.9 per cent in March, adding to the “stunning” rally that has seen super funds gain 11 per cent since November.
Vanguard has affirmed its support for the current super performance test, emphasising the importance of keeping the process straightforward.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
Spire Oaktree Opportunities XI First Close USD
66.99 3 y p.a(%)
2
Hills International
63.66 3 y p.a(%)
3
Acadian Global Equity Long Short Class A
36.33 3 y p.a(%)
4
CFS FC Acadian Global Equity Long Short
35.96 3 y p.a(%)
5
DomaCom 4/27 Crombie Avenue Bundall QLD 4217 Australia
32.23 3 y p.a(%)
Add new comment