POWERED BY MOMENTUM MEDIA
EISS Super revises merger strategy
EISS Super has revised its merger strategy that has resulted in changes to a number of the fund’s strategic objectives and associated expenditure including sponsorship arrangements.
In a statement following the prudential regulator’s decision to impose licence conditions on the fund, EISS said its board reviewed its merger strategy in September.
“The EISS Super board reviewed its merger strategy in September 2021 and are currently exploring a number of merger opportunities that will ensure our members’ interests continue to be protected in the long term,” EISS said.
“The revised merger strategy has also resulted in changes to a number of the fund’s strategic objectives and associated expenditures, including reviewing our sponsorship arrangements.
“As a result, the additional licence conditions will not impact on our ability to manage the fund or service our members.
The fund noted it believed it was in the best interests of its members that EISS Super merged with another fund.
“We believe it is in the best interests of our members that EISS Super merges with another fund, with the goals of maintaining our service and product offering while achieving cost savings, enhanced investment performance and better retirement outcomes,” it said.
In October, 2021, TWUSuper announced it had decided not to proceed with a merger with EISS Super following due diligence.
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(%)
