Sunsuper and Kinetic Super merger confirmed
Kinetic Super and Sunsuper boards have signed a successor fund transfer deed to authorise the merger of the funds.
This has followed the completion of a due diligence process which began in April.
The merged entity will have more than $45 billion in funds under management and around 1.3 million members.
Kinetic Super chair, Frank Gullone, said: “The comprehensive due diligence process has clearly demonstrated that a merger between the funds will be in the best interests of all members, delivering a reduction in fees whilst also enhancing the products and services available”.
Also commenting, Sunsuper chair, Ben Swan said the fund believed they had an opportunity to set the standard for the industry in best practice for fund merger outcomes.
“The cultural synergies between both funds have certainly enabled us to successfully come together to complete the due diligence phase,” Swan said.
“As we start to shift gear and plan for transition over the next 12 months, both funds will work together in partnership to deliver the best outcome to members and employers.”
Recommended for you
Former ASIC and APRA leaders launch a conflict-free model to meet rising prudential expectations.
ASFA has launched a central online hub to help super funds, employers and service providers prepare for Payday Super reforms.
The Super Members Council is calling on the government and regulators to impose additional safeguards to prevent superannuation switching harm and has put forward multiple suggestions for improvements.
The Assistant Treasurer has reaffirmed the government’s commitment to strengthening retirement outcomes, consumer protections and cyber resilience in superannuation.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
DomaCom DFS Mortgage
211.16 3 y p.a(%)
2
Loftus Peak Global Disruption Fund Hedged
121.06 3 y p.a(%)
3
Global X 21Shares Bitcoin ETF
72.47 3 y p.a(%)
4
Paradice Australian Mid Cap A
69.09 3 y p.a(%)
5
Smarter Money Long-Short Credit Investor USD
68.96 3 y p.a(%)
