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Funds merge to form $22bn entity
Mine Super and TWUSUPER have announced the successful completion of the final stage of their merger, officially forming the new entity, Team Super.
In a statement on Friday, the newly created Team Super said that the deal brings together two “strong, industry-driven” funds following almost three years of merger readiness activities, including Mine Super’s recent rebrand to Team Super in January.
Team Super co-chairs Christina Langby and Nick Sherry said in a joint comment: “Today marks a momentous step in the journey of Mine Super and TWUSUPER. With the completion of the merger, we now begin our next exciting chapter as Team Super where we can realise greater benefits for our members and continue to help them achieve the retirement they deserve.”
As a result of the merger, Team Super has increased in both scale and funds under management, with approximately 150,000 members and $22 billion in assets.
“The combined strength of our fund – both in terms of size and expertise – enables us to go from strength to strength, while retaining our deep commitment to the industries we support,” the co-chairs said.
Expounding on this, CEO Vasyl Nair said that, in preparation for the merger, it has enhanced its product range, migrated to a new custodian, and outsourced its administrator and replatform to “support our journey in being a member first fund of the future”.
On the back of the announcement, the fund has expanded its executive team with a series of internal promotions and external appointments.
The “new blood”, Team Super said, brings considerable domain knowledge to retirement and growth portfolios.
“This reaffirms Team Super’s commitment to sustainable growth in the industry and an enhanced focus on helping members retire with confidence through new tools, education and advice,” it said on Friday.
The merger was first announced in December 2022 and a successor fund transfer (SFT) was signed at the end of September 2023.
Originally, it was set to be completed by mid-2024. However, Mine Super and TWUSUPER announced a new merger timeline in May of last year, where they said they expect to formally come together in early 2025.
AUTHOR
Jessica Penny
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