Prime Super and Combined Super plan merger

6 July 2018
| By Hannah |
image
image
expand image

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.

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest developments in Super Review! Anytime, Anywhere!

Grant Banner

From my perspective, 40- 50% of people are likely going to be deeply unhappy about how long they actually live. ...

10 months 2 weeks ago
Kevin Gorman

Super director remuneration ...

10 months 3 weeks ago
Anthony Asher

No doubt true, but most of it is still because over 45’s have been upgrading their houses with 30 year mortgages. Money ...

10 months 3 weeks ago

The superannuation industry will be judged by its member services rather than how effectively it accumulates wealth, according to Stephen Jones....

17 hours ago

APRA’s latest data has revealed that superannuation funds spent $1.3 billion on advice fees, with the vast majority sent to external financial advisers....

17 hours ago

The profit-to-member super funds are officially operating as a merged entity, set to serve over half a million members. ...

3 days 16 hours ago