Kinetic Super and Sunsuper in merger talks
The boards of Kinetic Super and Sunsuper have signed heads of agreement, giving in principle support for a merger.
The final decision to merge had not been made as both funds needed to complete a comprehensive due diligence process. The funds would look to commence a full merger later in the year when the due diligence process had been completed.
The combined fund would have more than $45 billion in funds under management, 1.3 million members, and over 100,000 employers.
Kinetic Super board chair, Frank Gullone, said combining the funds would not only achieve further economies of scale in the form of lower fees, but would also accelerate the delivery of enhanced services and products to all members.
“The two funds are highly complementary and share similar values. We united by our profit-for-member model and unfaltering focus on maximising members’ retirement savings within a low-cost and transparent structure,” Gullone said.
Sunsuper chair, Ben Swan, said the proposed merger was an opportunity to leverage the strengths and capabilities of both organisations for the benefit of their members and employers.
“With the shared objective of always acting in our customers’ best interests, a successful merger will drive future efficiencies, promote a stronger competitive position in the market, and ultimately generate greater value for the combined member and employer base,” Swan said.
Recommended for you
An Australian superannuation delegation will visit the UK this month to explore investment opportunities and support local economic growth, job creation, and long-term investment.
An ASIC review has identified superannuation trustees are demonstrating a “lack of urgency” around improving their retirement communication and still taking a one-size-fits-all approach.
Superannuation funds have welcomed the boost that Treasury’s improvement on the Low-Income Superannuation Tax Offset will have for women and younger members.
The proposed changes to the Low-Income Superannuation Tax Offset (LISTO) has been applauded by the superannuation sector.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
Loftus Peak Global Disruption Fund Hedged
118.15 3 y p.a(%)
2
Global X 21Shares Bitcoin ETF
75.00 3 y p.a(%)
3
DomaCom DFS Mortgage
67.30 3 y p.a(%)
4
UBS Solactive Global Pure Gold Miners UCITS ETF Dis USD
61.11 3 y p.a(%)
5
Global X Ultra Long Nasdaq 100 Complex ETF
60.93 3 y p.a(%)
