Merger moves forward for Hostplus
Hostplus has signed a successor fund transfer (SFT) deed with Statewide Super to progress the merger between the two funds.
The SFT deed would allow Statewide Super to transfer its members and investments to Hostplus which was expected to take place by 1 April, 2022.
The combined fund would have over 1.5 million members and more than $85 billion in funds under management.
David Elia, chief executive of Hostplus, said: “We are absolutely delighted today as we continue to create a national fund of greater size and scale, supporting the best financial interests of our broadening membership. We are really proud of what we continue to build at Hostplus and we look forward to welcoming Statewide Super’s members, employers and staff in 2022.
“Positive mergers like this one are another great way we can both deliver significant benefits to our members.”
Tony D’Alessandro, chief executive of Statewide Super, said: “Statewide Super members, who are in majority down the central corridor of Australia, will benefit from being with a super fund of larger scale.”
“This merger will lead to low administration fees, no asset-based administration fees, an expanded product range and greater investment opportunities, while still offering local servicing both in-person and over the phone in South Australia and the Northern Territory.”
Statewide Super said it would retain strong ties to local government in SA and NT.
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
The central bank has announced the official cash rate decision for its November monetary policy meeting.
Australia’s maturing superannuation system delivers higher balances, fewer duplicate accounts and growing female asset share, but gaps and adequacy challenges remain.
Global volatility and offshore exposure have driven super funds to build US-dollar liquidity buffers, a new BNY paper has found.
Less than two in five Australians are confident they will have sufficient assets to retire and almost three-quarters admit they need to pay greater attention to their balance, according to ART research.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
DomaCom DFS Mortgage
225.31 3 y p.a(%)
2
Loftus Peak Global Disruption Fund Hedged
120.73 3 y p.a(%)
3
Global X 21Shares Bitcoin ETF
72.47 3 y p.a(%)
4
Paradice Australian Mid Cap A
69.09 3 y p.a(%)
5
Global X Ultra Long Nasdaq 100 Complex ETF
61.94 3 y p.a(%)
