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AvSuper and CSC scrap merger plans
AvSuper and Commonwealth Super Corporation (CSC) have scrapped discussions about a potential merger.
The two funds had entered into a Memorandum of Understanding last May and been conducting due diligence to determine if a merger was in the best interest of their respective members.
This had taken place over the past few months which the funds said had been “thorough, co-operative and a valuable experience”.
However, it was concluded the process would be too complex to enact.
CSC chief executive, Damian Hill, said: “This process has revealed there is positive business case to support CSC’s merger with AvSuper and AvSuper would be viable merger partner for CSC.
“[But[ the merger could not be accommodated within the existing policy and legislative framework the Commonwealth’s superannuation arrangements.”
AvSuper chief executive, Michael Sykes, added: “It’s disappointing that the merger with CSC will not be proceeding further however our members need certainty around AvSuper’s future.
“We thank CSC for their time and consideration of the benefits that a merger could bring to both parties.”
CSC had a 100-year history of providing super services to current and former Australian Government employees and Australian Defence Force employees and veterans while AvSuper was formed in 1990 and dedicated to the aviation and aviation safety industries.
AUTHOR
Laura Dew
Laura Dew is editor at Super Review. Prior to joining SR, she spent five years working at Investment Week in the UK covering asset and wealth management.
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