The directors of the merged Australian Retirement Fund and the Superannuation Trust of Australia have gone for an easily recognised brand for the new 1.1 million member, $20 billion entity — AustralianSuper.
The directors announced in Melbourne yesterday that they had selected AustralianSuper as the new name for the fund after commissioning Richard Henderson to undertake the re-branding exercise.
Announcing the change, the chair of the new fund, Geoff Ashton, said the merger had not simply been aimed at creating the largest superannuation fund, but at utilising its size to deliver improved superannuation products and services to members.
He said that as of July 1, members would have access to an extended range of 15 member investment options, along with substantially improved insurance products, with in-house retirement income products also on the agenda.
Future Group is set to take on nearly $1 billion in funds under management (FUM) and welcome more than 100,000 new members following two significant successor fund transfers.
Insignia’s Master Trust business suffered a 1.9 per cent dip in FUA in the third quarter, amid total net outflows of $1.8 billion.
While the Liberal senator has accused super funds of locking everyday Australians out of the housing market, industry advocates say the Coalition’s policy would only push home ownership further out of reach.
Australia’s largest superannuation fund has confirmed all members who had funds stolen during the recent cyber fraud crime have been reimbursed.