Statewide Super and Local Super merge to create $4 billion fund
Statewide Super and Local Super have merged to create a $4 billion, 160,000 member-strong superannuation fund.
The decision to merge was agreed after an investigation by the trustees of both funds determined it would be in all members' best interests.
A memorandum of agreement to merge was signed by both parties in July 2011.
Former chair of the Statewide board Nick Begakis will remain on the board, while former chief executive of Statewide John O'Flaherty will assume the position of chief executive officer.
Former chief executive of Local Super Nic Szuster will become deputy chief executive.
New board chairman Juliet Brown said the fund would provide better efficiencies for members and employers.
Brown said members would receive more efficient service and performance improvements, and savings in investment fees.
The fund would work on ways to make it easier for employers to meet their super obligations by "providing ready access to a highly trained, service-focused client service team and a wide range of products and services designed to support them and their staff," she said.
She said it would be "business as usual" for the newly merged fund, which is yet to finalise a name.
AUTHOR
Staff Writer
Money Management staff writers are writers who contribute to the website from time to time. If you would like to discuss the content contained within this article please contact us.
Recommended for you
Australia’s largest super funds have deepened private markets exposure, scaled internal investment capability, and balanced liquidity as competition and consolidation intensify.
The ATO has revealed nearly $19 billion in lost and unclaimed super, urging over 7 million Australians to reclaim their savings.
The industry super fund has launched a new digital experience designed to make retirement preparation simpler and more personalised for its members.
A hold in the cash rate during the upcoming November monetary policy meeting appears to now be a certainty off the back of skyrocketing inflation during the September quarter.
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(%)
