POWERED BY MOMENTUM MEDIA
EISS Super and TWUSuper confirm merger moves
NSW-based industry superannuation fund, EISS Super has confirmed it has entered into a Memorandum of Understanding (MOU) for a merger with TWUSuper.
A successful merger would see the creation of a fund with 130,000 members and over $12 billion in funds under management.
The two funds said today that initial discussions on the merger had been very positive.
Commenting on the move, EISS Super chief executive, Alexander Hutchison, said he believed the fund had an obligation to its members to consider the benefits of a potential merger and to proceed if it was in their best interests.
“It is early days, but we are seeing a lot of potential benefits for members so a merger looks promising,” he said.
For his part, TWUSuper chief executive, Frank Sandy, said that there appeared to be strong synergy between the funds operationally.
“This merger can provide greater scale for both funds and has the potential to deliver cost savings to members across trustee services, administration and investments,” he said.
Both noted that the funds’ memberships shared similarities with a high proportion of members working in high-risk occupations meaning both funds placed great importance on providing quality insurance that was tailored to the needs of their members.
Recommended for you
Super funds had a “tremendous month” in November, according to new data.
Australia faces a decade of deficits, with the sum of deficits over the next four years expected to overshoot forecasts by $21.8 billion.
APRA has raised an alarm about gaps in how superannuation trustees are managing the risks associated with unlisted assets, after releasing the findings of its latest review.
Compared to how funds were allocated to March this year, industry super funds have slightly decreased their allocation to infrastructure in the six months to September – dropping from 11 per cent to 10.6 per cent, according to the latest APRA data.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
Spire Oaktree Opportunities XI Second Close
61.07 3 y p.a(%)
2
Spire Oaktree Opportunities XI First Close USD
59.21 3 y p.a(%)
3
DomaCom Lot 21 Chellaston Road Munno Para West SA 5115 Australia
31.73 3 y p.a(%)
4
Fidante Credit Suisse Global Private Equity
30.15 3 y p.a(%)
5
DomaCom 4/27 Crombie Avenue Bundall QLD 4217 Australia
26.71 3 y p.a(%)
