Sunsuper has officially finalised its merger with AustSafe Super, bringing its funds under management to $64 billion and its member base to 1.4 million.
The merger would mean one in five workers in Queensland would be Sunsuper’s of members, and should produce total savings to members of $10 million per year.
Sunsuper credited the funds’ shared values as the driver of the merger, especially where rural and regional members were concerned.
“Like AustSafe Super, Sunsuper has a long heritage of supporting rural and regional areas and we remain committed to the strong foundations AustSafe Super has built in these communities over the last 30 years,” Sunsuper chair, Andrew Fraser, said.
The merger saw an advisory board of directors from both funds established to specifically focus on members in rural and regional communities.
Michael Lovett, who left the investment firm just three months after launching its Vanguard Super offering, has taken up a chief executive role at an Australian asset manager.
The Central Bank of Ireland has granted the approval of Equity Trustees’ exit from its Irish operations, with the transaction expected to be complete on 30 April.
Super returns continued to climb in March, raising hopes of delivering double-digit returns by June depending on the performance of this next quarter.
The dedicated super fund for emergency services and Victorian government employees is under fire for unpaid entitlements to transport employees, which could exceed $40 million.
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