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AIST and ISA explore potential merger
The Australian Institute of Superannuation Trustees (AIST) and Industry Super Australia (ISA) have confirmed they are exploring the possibility of a merger.
ISA managed collective programs on behalf of the 11 industry super funds while AIST represented profit-to-member funds which included industry, corporate, and public sector funds.
In a joint statement to Super Review, the two organisations said: “As part of their commitment to act in members’ best interests, ISA and AIST are exploring a merger to create a single voice for profit-to-member super funds in Australia.”
Whether any potential merger would be open to member consultation was yet to be confirmed by either of the two major industry bodies.
The possibility of such a merger proved to be an interesting development in an evolving super landscape, which saw over 10 superannuation fund mergers in 2022 alone.
Earlier this year, AIST deputy CEO and general manager of advocacy Mel Birks shared her outlook on mergers within the super industry with Super Review, stating: “Mergers can deliver scale benefits and other efficiencies, however, there are high-performing funds of all sizes and the ultimate goal of all funds is to deliver competitive returns to members.
“For some, but not all, funds, this will mean merging with another fund.”
Another massive merger in the works in Australian financial services was between peak financial advice bodies Financial Planning Association of Australia (FPA) and the Association of Financial Advisers (AFA).
On 28 February, members would vote on whether the merger would go ahead to form a new industry body with a new name, constitution, and board of directors amid declining adviser numbers.
AUTHOR
Rhea Nath
Rhea L Nath is a journalist on Super Review and InvestorDaily, with a focus on funds management, superannuation, and institutional investment. Previously, she covered small business and entrepreneurship news at Dynamic Business and multicultural issues at Indian Link Media Group. In 2022, she was named Young Journalist of the Year at the NSW Premier’s Multicultural Communications Awards.
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