Sunsuper has officially finalised its merger with AustSafe Super, bringing its funds under management to $64 billion and its member base to 1.4 million.
The merger would mean one in five workers in Queensland would be Sunsuper’s of members, and should produce total savings to members of $10 million per year.
Sunsuper credited the funds’ shared values as the driver of the merger, especially where rural and regional members were concerned.
“Like AustSafe Super, Sunsuper has a long heritage of supporting rural and regional areas and we remain committed to the strong foundations AustSafe Super has built in these communities over the last 30 years,” Sunsuper chair, Andrew Fraser, said.
The merger saw an advisory board of directors from both funds established to specifically focus on members in rural and regional communities.
Future Group is set to take on nearly $1 billion in funds under management (FUM) and welcome more than 100,000 new members following two significant successor fund transfers.
Insignia’s Master Trust business suffered a 1.9 per cent dip in FUA in the third quarter, amid total net outflows of $1.8 billion.
While the Liberal senator has accused super funds of locking everyday Australians out of the housing market, industry advocates say the Coalition’s policy would only push home ownership further out of reach.
Australia’s largest superannuation fund has confirmed all members who had funds stolen during the recent cyber fraud crime have been reimbursed.