POWERED BY MOMENTUM MEDIA
Spirit Super and CareSuper announce merger date, executive leadership team
CareSuper and Spirit Super have confirmed they are on track to deliver on their merger later this year.
The merger is expected to take effect from 1 November and the newly formed entity will be called CareSuper.
Explaining the name change, current CareSuper chair Linda Scott said: “While this is a true merger of equals, both funds decided it was in the best interests of members to call the fund CareSuper to take advantage of strong recognition for the name, which has been in the market since 1986.
“Elements of the Spirit Super brand identity will be retained to highlight our shared national heritage and member focus, including Spirit Super’s distinctive logo which enjoys strong and positive recognition among its membership.”
The funds first announced they were exploring a potential merger in November 2022 and subsequently entered into a memorandum of understanding.
Following an extensive due diligence process, Spirit Super and CareSuper entered into a binding agreement to merge in June 2023.
At the time, they flagged the merger was expected to be completed in late 2024, with the combined entity to be chaired by Scott.
Jason Murray, CEO of Spirit Super since February 2022, would become the CEO of the combined fund.
From 1 November 2024, the rest of the designated executive team will comprise:
- Will Sadler as chief risk officer
- Sam Horskins as chief financial officer
- Ningning Lyons as chief strategy officer
- Suzanne Branton as chief investment officer
- Kathleen Crawford as chief operating officer
- Robyn Judd as chief people officer
- Jean-Luc Ambrosi as chief member officer
- Simon Reiter as chief technology officer
Commenting on the merger update, Spirit Super CEO Murray confirmed members and stakeholders “will be kept informed as the merger progresses”.
“We’re moving forward confidently to deliver even greater products, services and experiences for our collective membership,” Murray said.
AUTHOR
Rhea Nath
Rhea L Nath is a journalist on Super Review and InvestorDaily, with a focus on funds management, superannuation, and institutional investment. Previously, she covered small business and entrepreneurship news at Dynamic Business and multicultural issues at Indian Link Media Group. In 2022, she was named Young Journalist of the Year at the NSW Premier’s Multicultural Communications Awards.
Recommended for you
Future Group is set to take on nearly $1 billion in funds under management (FUM) and welcome more than 100,000 new members following two significant successor fund transfers.
Insignia’s Master Trust business suffered a 1.9 per cent dip in FUA in the third quarter, amid total net outflows of $1.8 billion.
While the Liberal senator has accused super funds of locking everyday Australians out of the housing market, industry advocates say the Coalition’s policy would only push home ownership further out of reach.
Australia’s largest superannuation fund has confirmed all members who had funds stolen during the recent cyber fraud crime have been reimbursed.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
DomaCom DFS Mortgage
90.28 3 y p.a(%)
2
GAM LSA Private Shares AU I
37.08 3 y p.a(%)
3
DomaCom Lot 21 Chellaston Road Munno Para West SA 5115 Australia
31.44 3 y p.a(%)
4
Fidante Credit Suisse Global Private Equity
31.12 3 y p.a(%)
5
Global X GlobalX FANG+ ETF
28.28 3 y p.a(%)
