POWERED BY MOMENTUM MEDIA
Mine Super and TWUSUPER unveil name
Mine Super and TWUSUPER have confirmed the name of their merged fund, due to be completed in mid-2024, will be Team Super.
The merger was first announced in December 2022 and will create a fund with over 150,000 members and $20 billion in funds under management. A successor fund transfer (SFT) was then signed at the end of September 2023 and Vasyl Nair, chief executive of Mine Super, was named as the head of the new combined fund.
The two funds have now announced it will be called Team Super upon completion.
Mine Super chair Christina Langby and TWUSUPER chair Nick Sherry said the name has been chosen to reflect the industry base of both funds.
“The name Team Super reflects the existing industry base of both funds – transport, energy, and mining workers and a deep ongoing commitment to the history and service to these sectors,” they said.
“The new profit-to-member industry fund, will focus on growth across the industry sectors, while improving the best outcomes possible for members.
“Team Super reflects the vision of a genuine merger, with the opportunity for future merger partners, which reflects the true ‘team’ approach, with an ongoing focus on growth in a particular industry or workplace sector.”
One of the first industry super funds, Mine Super was established in 1941 and manages $12.5 billion for 55,000 members, many of which sit in mining and related industries.
TWUSUPER is a newer fund, having launched in 1984 to provide super for workers in the transport industry. It manages $6.5 billion for 99,000 members.
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.
Recommended for you
In its pre-election policy document, the FSC highlighted 15 priority reforms, with superannuation featuring prominently, urging both major parties to avoid changing super taxes without a comprehensive tax review.
The Grattan Institute has labelled the Australian super system as “too complicated” and has proposed a three-pronged reform strategy to simplify superannuation in retirement.
Super funds delivered a strong 2024 result, with the median growth fund returning 11.4 per cent, driven by strong international sharemarket performance, new data has shown.
Australian Ethical has seen FUM growth of 27 per cent in the financial year to date.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
Spire Oaktree Opportunities XI Second Close
32.68 3 y p.a(%)
2
DomaCom Lot 21 Chellaston Road Munno Para West SA 5115 Australia
31.72 3 y p.a(%)
3
Spire Oaktree Opportunities XI First Close USD
31.36 3 y p.a(%)
4
Fidante Credit Suisse Global Private Equity
29.60 3 y p.a(%)
5
Global X GlobalX FANG+ ETF
27.64 3 y p.a(%)
