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A very hospitable merger
In Rollover’s experience there would be few funds more suited to a merger than Hostplus and Club Super, and not just because they cover what could be broadly termed the hospitality industry.
No, Rollover believes that merging the largely Victorian-based Hostplus and the Queensland-based Club Super makes good sense because it accords with Australia’s internal migration patterns over the past two decades which have seen a goodly number of Victorians take up residence on the Gold Coast and promptly use the clubs within which Club Super members work.
Of course, Rollover notes that Hostplus came to notice during the recent Royal Commission over its rather enthusiastic use of corporate boxes at major sporting events, but he feels sure that that is all in the past and that members of Club Super can be assured that their fees will be wisely spent on the sole purpose of ensuring their best interests are met.
Also worth noting is that former Opposition leader, Bill Shorten’s old union, the Australian Workers’ Union is the major employee representative on Club Super alongside United Voice, so discretion may prove to be the better part of valour.
Rollover will watch with interest to see who is appointed to the executive and the board of the merged fund, but he feels sure that there will be no diminution in the influence of long-serving Hostplus boss, David Elia.
AUTHOR
The Rollover
Rollover is a jaded hack who joined the staff of Super Review nearly two decades’ ago and never managed to summon the energy to leave. Known throughout the superannuation industry as a power-luncher and gossip, Rollover spends his time humouring fund managers, eavesdropping at conferences, dozing through briefings and looking for his next free meal.
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Rollover is almost as fascinated by superannuation fund mergers as the deputy chair of the Australian Prudential Regulation Authority (APRA), Helen Rowell.
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