West Australian-based industry fund, Concept One is to merge with WA Super.
Super Review has had it confirmed that the decision to move towards a merger had been signed off today after around four months of negotiations between the two funds.
The merger will confirm WA Super’s status as the dominant superannuation entity in Western Australia.
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.