POWERED BY MOMENTUM MEDIA
Equip and Rio Tinto Super merger in works
A merger between Equip and Rio Tinto Staff Superannuation (RTSSF) is expected later this year, following completion of due diligence.
Equip confirmed merger discussions and said the new merged fund would manage assets of $13.5 billion for approximately 75,000 members.
The merger would see the Equip board move to a model of one-third independent, one third employer, and one-third member directors. Equip said that Rio would likely have the right to nominate one of the employer directors.
Equip chair, Andrew Fairley, said the merged fund would deliver significant benefits of scale to members and employers, as well as underpin the continued development of innovative product initiatives, improved employer and member services, and expand the fund's education programs for members.
Fairley noted that the important considerations for the merger were complementary fund cultures, a common fund administrator, and a shared custodian service provider.
Recommended for you
The superannuation industry will be judged by its member services rather than how effectively it accumulates wealth, according to Stephen Jones.
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.
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(%)
