Mine Super and TWUSuper enter into MOU
Mine Super and TWUSUPER have entered into a preliminary non-binding memorandum of understanding (MOU).
If a merger proceeded, this would create a combined fund managing nearly $20 billion for over 150,000 members.
In a joint statement, Mine Super chair, Christina Langby, and TWUSUPER chair, Nick Sherry, stated the two funds shared a strong heritage of member-first values as historically important profit to member industry funds.
“Mine Super and TWUSUPER share the vision of creating a sustainable fund which protects and promotes the interests of workers in the mining and transport industries.
“In accordance with the MOU, both Mine Super and TWUSUPER are currently undertaking extensive due diligence to determine the best outcome for all members and mining and transport operators arising from a prospective merger. It is anticipated that this process may take several months.
“During this period both funds remain committed to delivering the best outcomes for their members and will keep members informed of important milestones.”
The funds said there would be no change to any funds, investments or insurance as a result of entering into the MOU.
AUTHOR
Laura Dew
Laura Dew is editor at Super Review. Prior to joining SR, she spent five years working at Investment Week in the UK covering asset and wealth management.
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