CareSuper and Spirit Super explore merger

9 November 2022
| By Laura Dew |
image
image
expand image

CareSuper and Spirit Super have announced they will explore a potential merger.

The two industry funds had entered into a memorandum of understanding to create a possible fund with over 500,000 members and $45 billion in funds under management.

The two chairs, Linda Scott of CareSuper, and Naomi Edwards of Spirit Super, said both funds had a shared vision to create a mid-sized fund with a distinct point of difference.

“Both funds will now undertake extensive due diligence, before any decision is made, to ensure a merger is in the best financial interests for members of both funds. This process will take several months. In the meantime, the funds will continue to operate independently with no disruption to operations, each focused on continuing to deliver positive outcomes for members.

“Both CareSuper and Spirit Super members can be assured they will be kept informed of any material decisions. There is no change to any aspect of any member’s funds, investments or insurances as a result of this preliminary non-binding MOU.”

CareSuper was established in 1986 for office professionals and had 220,000 members and $20 billion in funds under management while Spirit Super was formed last year through the merger of Tasplan and MTAA Super. Spirit Super was focused on regional and rural memberships and had 324,000 members and $25 billion in funds under management.

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest developments in Super Review! Anytime, Anywhere!

Grant Banner

From my perspective, 40- 50% of people are likely going to be deeply unhappy about how long they actually live. ...

11 months ago
Kevin Gorman

Super director remuneration ...

11 months 1 week ago
Anthony Asher

No doubt true, but most of it is still because over 45’s have been upgrading their houses with 30 year mortgages. Money ...

11 months 1 week ago

Jim Chalmers has defended changes to the Future Fund’s mandate, referring to himself as a “big supporter” of the sovereign wealth fund, amid fierce opposition from the Co...

1 day 9 hours ago

Demand from institutional investors was the main driver of growth in Australia’s responsible investment (RI) market in 2023, as the industry continued to gain momentum....

1 day 9 hours ago

In a new review of the country’s largest fund, a research house says it’s well placed to deliver attractive returns despite challenges....

1 day 10 hours ago