POWERED BY MOMENTUM MEDIA
EISS Super finds new merger partner in Cbus
Cbus Super has signed a memorandum of understanding to merge with EISS Super in 2022.
It said the merger between the two funds would strengthen its position as a leading industry fund and create a combined superannuation fund with over $70 billion in assets under management.
EISS Super was previously slated to merge with TWUSuper but this was cancelled following “extensive due diligence”. Following this, EISS Super announced it had changed some strategic objectives and restarted the search for a merger partner.
Justin Arter, chief executive of Cbus, said: “We have a strong and growing membership of 36,000 members in the electrical trades and strong relationships with industry leaders like the Electrical Trades Union, Master Electricians and NECA.
“Cbus is a specialist fund for workers who build Australia, a fund that tailors our services such as insurance to our members. By joining together with EISS Super, we will be able to deliver even more for members in the electrical sector by harnessing economies of scale.”
EISS Super chair, Peter Tighe, said: “We believe a merger between EISS Super and Cbus will provide our members with access to greater economies of scale and investment opportunities, which are critical to the successful delivery of positive long term outcomes for members”.
AUTHOR
Laura Dew
Laura Dew is editor at Super Review. Prior to joining SR, she spent five years working at Investment Week in the UK covering asset and wealth management.
Recommended for you
The profit-to-member super funds are officially operating as a merged entity, set to serve over half a million members.
Super Review announced 21 winners at the annual Super Fund of the Year Awards, including the recipient of the prestigious Fund of the Year Award.
A research firm has given UniSuper a glowing review, praising its strong leadership and “compact team”, as well as its “creditable governance” structure.
Assistant Treasurer Stephen Jones has defended the government’s plan to modestly cut tax concessions for Australia’s wealthiest superannuation accounts, saying it is a “fairer outcome”.
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
32.57 3 y p.a(%)
4
Fidante Credit Suisse Global Private Equity
32.09 3 y p.a(%)
5
DomaCom 4/27 Crombie Avenue Bundall QLD 4217 Australia
27.42 3 y p.a(%)
