ISA/AIST merger receives super funds' approval

21 August 2023
| By Rhea Nath |
image
image image
expand image

The profit-to-member superannuation funds represented by Industry Super Australia (ISA) and the Australian Institute of Superannuation Trustees (AIST) have agreed to a merger towards a single “strong and unified voice” in the sector. 

In a joint statement to Super Review, the industry bodies said: “The new entity will build on the impressive legacies of achievements of both AIST and ISA and combine the knowledge, expertise, and capabilities of those organisations to be a powerful advocate for super fund members on all systemic matters relevant to super and retirement.

“As balances grow and more members reach retirement age, the long-term interests of members are best served by a compelling voice that is focused on protecting and growing their savings.”

The talks of a merger have been circling for at least eight months after ISA and AIST confirmed they were in talks in late January.

At the time, whether any potential merger would be open to member consultation had not been confirmed by either of the two major industry bodies.

ISA manage collective programs on behalf of nine industry super funds while AIST represent some 36 profit-to-member funds which include industry, corporate, and public sector funds. 

The industry bodies have some overlapping members that constitute the country’s largest funds, including $240 billion AustralianSuper which is Australia’s largest super fund; $100 billion Hostplus; and $74 billion HESTA. 

“The boards of AIST and ISA and their funds continue to work towards creating this new entity,” the statement added. 
 

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest developments in Super Review! Anytime, Anywhere!

Grant Banner

From my perspective, 40- 50% of people are likely going to be deeply unhappy about how long they actually live. ...

1 year ago
Kevin Gorman

Super director remuneration ...

1 year ago
Anthony Asher

No doubt true, but most of it is still because over 45’s have been upgrading their houses with 30 year mortgages. Money ...

1 year ago

SuperRatings has shared the median estimated return for balanced superannuation funds for the calendar year 2024....

2 hours ago

The $90 billion fund delivered double-digit returns in its flagship Growth option last year and remains optimistic for 2025....

2 hours ago

A strategic overweight to US and global equities along with an increased exposure to private debt and diversified credit has seen AMP deliver a return of more than 15 per...

2 hours ago

TOP PERFORMING FUNDS