Telstra Super and Equip Super merger goes formal
The merger of Telstra Super and Equip Super has now taken the next step following initial due diligence with the two funds signing a binding heads of agreement.
In a joint statement issued on Tuesday the two funds said the due diligence process had confirmed a merger would be in the best financial interests of members of each fund.
If it proceeds to completion, the merger will create a combined profit-to-member fund with more than $60 billion in funds under management and over 225,000 members under the Equip Super brand.
The announcement said the Telstra Super brand would be retired in due course.
The announcement said the merged entity’s board would comprise an equal number of legacy Telstra Super and Equip Super directors with the equal representation model being maintained with two independent directors.
Current TelstraSuper chief executive, Chris Davies will be the inaugural CEO of the new fund, with Equip Super CEO, becoming deputy CEO.
The announcement said that once the operational integration of the two funds is complete, the parties intend that Cameron will succeed Davies as the CEO.
Utterly appalling from Cbus. Are the members paying the fines? Royal Commission required. This is a joke. Australia deserves better.
Ban them
If this was a retail fund the manager would be paying the fine. In this case it's the members bill…
Cbus "MEMBERS" hit with $23.5m penalty Any CBUS Trustees / Directors / Responsible Managers / Life Insurance Managers etc Finned,…
Yet ASIC wrote press releases and ordered advisers to write letters to clients about mere spelling mistakes in "defective fee…