The superannuation fund covering much of the legal profession, Legalsuper, has announced it will be merging with the , bringing funds under management to more than $860 million and membership to more than 36,000.
The merger was announced by Legalsuper chief executive , who said it was consistent with the fund’s expansion strategy, which had resulted in it now covering around 35 per cent of the Australian legal sector.
He said since the merger of the and the in 2005, funds under management had grown by 72 per cent.
The super fund has significantly grown its membership following the inclusion of Zurich’s OneCare Super policyholders.
Super balances have continued to rise in August, with research showing Australian funds have maintained strong momentum, delivering steady gains for members.
Australian Retirement Trust and State Street Investment Management have entered a partnership to deliver global investment insights and practice strategies to Australian advisers.
CPA Australia is pressing the federal government to impose stricter rules on the naming and marketing of managed investment and superannuation products that claim to be “sustainable”, “ethical”, or “responsible”, warning that vague or untested claims are leaving investors exposed.