More than 80,000 members from Australian Catholic Superannuation (ACS) have joined UniSuper through a completed merger.
The Successor Fund Transfer (SFT) was realised after considerable due diligence, planning and integration, UniSuper said.
“We’re really pleased to welcome members formerly from ACS to UniSuper. With all members set to benefit from increased scale, we are looking forward to this new chapter in UniSuper’s history.
“Our focus will continue to be on achieving amazing retirement outcomes for our members, new and old, and ensuring a smooth transition for those joining us from ACS,” said UniSuper chief executive, Peter Chun.
The merger brought $10 billion in funds to UniSuper, which had over $105 billion in assets. UniSuper would now have around $115 billion funds under management on behalf of 620,000 members resulting from the merger.
Chun added, “Scale offers opportunities for the fund, keeping downward pressure on fees, ensuring that UniSuper can continue to leverage our position as an active investor, and unlocking investment opportunities that simply aren’t available to smaller funds. All of these factors position UniSuper to continue serving our members’ best financial interests.”
ACS CEO Greg Cantor expressed confidence in the merger as a positive step forward for its members.
“Our mission has always been to enable the best retirement outcomes possible for our members. After considerable due diligence, I am confident this merger delivers on that goal for our members. We have been very pleased with the cultural alignment of our fund with that of UniSuper and their commitment to work closely with our members and employers in Catholic agencies and Catholic schools,” he stated.
