Sunsuper and Kinetic Super merger confirmed

24 July 2017
| By Jassmyn |
image
image
expand image

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.”

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. ...

11 months ago
Kevin Gorman

Super director remuneration ...

11 months 1 week 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 ...

11 months 1 week ago

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 Co...

1 day 9 hours ago

Demand from institutional investors was the main driver of growth in Australia’s responsible investment (RI) market in 2023, as the industry continued to gain momentum....

1 day 9 hours ago

In a new review of the country’s largest fund, a research house says it’s well placed to deliver attractive returns despite challenges....

1 day 10 hours ago