POWERED BY MOMENTUM MEDIA
Prime Super and Combined Super plan merger
Prime Super and Combined Super have announced that they intend to merge, saying that they have signed a Memorandum of Understanding and are in the advanced stages of discussions.
If the merger, which would be subjection to the completion of satisfactory due diligence, took place, the merged fund would manage assets of around $5 billion for in excess of 120,000 members.
Combined Super chair, George Kogios, said that the merger would provide both funds’ members and employers with significant benefits to scale.
“The synergies between Prime Super and Combined Super are strong and we see the ability to continue that small fund level of personal engagement as a strong positive for our members,” Kogios said.
“The additional scale of Prime Super will allow us to demonstrate a real reduction in the cost of superannuation for our members.”
Prime Super chair, Alan Bowman, pointed to the funds’ shared vision for the future of superannuation and complementary fund cultures as key to the merger decision.
Should the merger proceed, a number of Combined Super directors would be appointed to the merged Prime Super board.
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(%)
