Mine Super and TWUSUPER progress merger with SFT signing
Mine Super and TWUSUPER have announced the next milestone towards creating a nearly $20 billion fund with the signing of the successor fund transfer (SFT) deed.
It follows the signing of a heads of agreement in April and signing of a memorandum of understanding in December 2022.
In a joint statement, Mine Super chair, Christina Langby and TWUSUPER chair, Nick Sherry, who will become co-chairs of the combined entity, reported strong and major progress is being made towards the merger.
“Signing the SFT Deed is another meaningful step toward merging two culturally aligned and strong industry super funds that share a commitment to improving and protecting the retirement interests of members in the mining and transport industries,” the statement read.
“Pleasingly, as our two funds have progressed the merger, we are establishing a stronger foundation for the future. We are more convinced than ever of the benefits members will see through the joining of our two funds with shared member first values.”
Vasyl Nair, currently CEO of Mine Super, will become the CEO of the combined fund.
Meanwhile, Frank Sandy, CEO of TWUSUPER, will be remaining to work alongside Nair during the transitional period.
The final stage of the merger will be dedicated to ensuring a seamless transition for members whilst maintaining the ongoing high levels of service members expect from each fund, they said.
Both funds have confirmed there is no change to the projected timeline of completing the merger in early 2024.
Upon completion, the combined fund will represent some 150,000 members.
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
The $205 billion super fund has appointed Simon Warner as chief investment officer (CIO) following a global search to replace outgoing Damian Graham.
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.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
DomaCom DFS Mortgage
225.31 3 y p.a(%)
2
Loftus Peak Global Disruption Fund Hedged
120.73 3 y p.a(%)
3
Global X 21Shares Bitcoin ETF
72.47 3 y p.a(%)
4
Paradice Australian Mid Cap A
69.09 3 y p.a(%)
5
Global X Ultra Long Nasdaq 100 Complex ETF
61.94 3 y p.a(%)
