CareSuper and Spirit Super to merge
Key industry superannuation funds, CareSuper and Spirit Super have committed to a merger.
The two funds announced that they had entered into a binding agreement to merge after completing an extensive due diligence process, with the merger expected to be completed in late 2024.
The agreement will create a combined fund with more than 500,000 members and almost $50 billion in funds under management.
In a joint statement the Chair of CareSuper, Linda Scott, and the Chair of Spirit Super, Maria Wilton AM, said:
“This announcement is an exciting moment for both funds, who share a bold vision to create a national, mid-sized fund that provides a distinct point of difference for our members.
“CareSuper and Spirit Super are both high performing funds. This merge will offer members a fund that leverages the strengths of each to deliver great outcomes for members and all stakeholders.
“We are pleased to announce that the combined entity will be chaired by Linda Scott, the current Chair of CareSuper. Jason Murray, current CEO of Spirit Super, will become the CEO of the combined fund. Bringing together a leader from each of the funds reflects the close collaboration to date and the shared vision of the funds’ leadership.
“As member-focused industry super funds, this binding agreement is a critical and positive step forward in serving our members’ best financial interests.
Is it not a cost of completing the transaction? Why should it be removed from any analysis, applicable govt charges…
Misleading figures. We’d have millions and millions removed in our client base with LS. Almost 100% came straight back in…
Financial planners, you know exactly what will happen next. Get your wallets out- Cslr bill coming your way!
Another day and yet another shouty SMC story running about trying to push regulators to enter union super into Australian…
These funds should be a lot more concerned about their investment returns, which are starting to look very sick. Waiting…