POWERED BY MOMENTUM MEDIA
NGS and Australian Catholic Super to merge
Two of the most significant non-Government schools industry superannuation funds are to merge – NGS Super and Australian Catholic Super (ACS).
The two funds announced their merger plans today stating that it would lead to the creation of a $21 billion superannuation und with approximately 200,000 members servicing independent and Catholic schools and the community sector across Australia.
Commenting on the merger move, Australian Catholic Super chair, David Hutton said that in the current environment, ACS wanted to consider how the interests of its members could be strengthened and better serviced within a larger like-minded education industry fund, while NGS Super chair, Dick Shearman said the proposed merger had been driven by synergies between the two funds and was set to strengthen the fund’s position into the future.
“Our members’ interests are at the core of this merger, which represents the continued growth and improved ability of our fund to secure the financial futures of all our members,” Shearman said.
The two chairs said the merging of the funds will ensure the future security and sustainability of benefits to the members of both funds and deliver improved services and economies of scale.
Hutton said the merger represented a great opportunity for its 85,000 members and 15,000 employers to be a part of the growth of a niche education and community services fund, with a national footprint.
The two funds will merge subject to finalisation of comprehensive due diligence and assessment of member benefits.
Recommended for you
Jim Chalmers has defended changes to the Future Fund’s mandate, referring to himself as a “big supporter” of the sovereign wealth fund, amid fierce opposition from the Coalition, which has pledged to reverse any changes if it wins next year’s election.
In a new review of the country’s largest fund, a research house says it’s well placed to deliver attractive returns despite challenges.
Chant West analysis suggests super could be well placed to deliver a double-digit result by the end of the calendar year.
Specific valuation decisions made by the $88 billion fund at the beginning of the pandemic were “not adequate for the deteriorating market conditions”, according to the prudential regulator.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
Spire Oaktree Opportunities XI Second Close
61.07 3 y p.a(%)
2
Spire Oaktree Opportunities XI First Close USD
59.21 3 y p.a(%)
3
DomaCom Lot 21 Chellaston Road Munno Para West SA 5115 Australia
31.56 3 y p.a(%)
4
Fidante Credit Suisse Global Private Equity
31.06 3 y p.a(%)
5
DomaCom 4/27 Crombie Avenue Bundall QLD 4217 Australia
26.81 3 y p.a(%)
