Mine Super and TWUSUPER announce next stage of proposed merger
Mine Super and TWUSUPER have progressed to the next phase towards creating a combined fund with nearly $20 billion in funds under management.
This followed a signing of a memorandum of understanding in December.
The industry super funds had now executed a heads of agreement in a continued commitment to the merger process.
“Our funds share a strong heritage of member first values, and our vision continues to be aligned in creating a sustainable fund which protects and promotes the retirement savings of workers in the mining and transport industries,” said TWUSUPER chair, Nick Sherry, and Mine Super chair, Christina Langby, in a joint statement.
The super funds had earlier expressed their shared vision of creating “a sustainable fund which protects and promotes the interests of workers in the mining and transport industries”.
If a merger proceeded, it would create a combined fund managing nearly $20 billion for over 150,000 members.
The next phase of the merger would now focus on planning and implementation to ensure a seamless transition to the merged fund for all members.
The merger was expected to be finalised in early 2024.
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.
Recommended for you
Industry super fund Rest has appointed an interim head of private markets following the exit of Simon Esposito.
Two former Statewide Super executives have been acquitted of dishonesty charges following a trial in the District Court of South Australia.
Allianz Retire+ has announced major leadership changes with the appointment of a new CEO and distribution heads to help expand its presence across the institutional channel.
Australian Ethical has named its new head of equities, who previously spent 12 years at Perpetual.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
DomaCom DFS Mortgage
215.17 3 y p.a(%)
2
Loftus Peak Global Disruption Fund Hedged
118.15 3 y p.a(%)
3
Global X 21Shares Bitcoin ETF
75.00 3 y p.a(%)
4
UBS Solactive Global Pure Gold Miners UCITS ETF Dis USD
61.11 3 y p.a(%)
5
Global X Ultra Long Nasdaq 100 Complex ETF
60.93 3 y p.a(%)
