Funds Management News

CareSuper and Spirit Super exploring potential merger

Posted by Anton Murray Consulting on . Posted in Funds Management News

InvestorDaily

Industry super funds CareSuper and Spirit Super have announced they have entered into a preliminary non-binding memorandum of understanding (MOU) to explore a possible merger. If the two funds proceed with a merger, a combined fund with over 500,000 members and over $45 billion in funds under management (FUM) would be created. “Both funds have identified a shared common vision to potentially create a mid-sized fund that provides a distinct point of difference in the market,” CareSuper chair Linda Scott and Spirit Super chair Naomi Edwards said in a joint statement on Wednesday.

“Both funds will now undertake extensive due diligence, before any decision is made, to ensure a merger is in the best financial interests for members of both funds.” The super funds indicated that this process is expected to take several months, with both continuing to operate independently with no disruption to operations in the meantime. “Both CareSuper and Spirit Super members can be assured they will be kept informed of any material decisions. There is no change to any aspect of any member’s funds, investments or insurances as a result of this preliminary non-binding MOU,” Ms Scott and Ms Edwards said.

The rest of this article can be found at investordaily.com.au.

Newsletter Archives

Our clients include

* Prior invoiced clients across the region.