POWERED BY MOMENTUM MEDIA
CareSuper and Spirit Super explore merger
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.
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.
Recommended for you
With the merger between Mine Super and TWUSuper in its late stages, the head of the soon-to-be combined fund is the latest to join ASFA’s board.
The fund has announced new additions to its trustee board.
Brighter Super has confirmed an executive search is underway to succeed its long-serving chief financial officer Garnett Hollier.
The research house has hired an experienced product specialist for its Australasian team.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
Spire Oaktree Opportunities XI Second Close
36.43 3 y p.a(%)
2
Spire Oaktree Opportunities XI First Close USD
35.08 3 y p.a(%)
3
DomaCom Lot 21 Chellaston Road Munno Para West SA 5115 Australia
31.72 3 y p.a(%)
4
Fidante Credit Suisse Global Private Equity
29.60 3 y p.a(%)
5
Global X GlobalX FANG+ ETF
27.64 3 y p.a(%)
