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Active/Vision Super progress merger plans
Vision Super has updated the market on the progress with its possible merger with Active Super.
In an update, chief executive, Stephen Rowe, said the two funds remained in discussions to bring the two government funds together.
The two funds had signed a Memorandum of Understanding last June which would see the two funds come together to manage around $26 billion in funds under management for 169,000 member accounts.
Rowe said: “It makes sense to bring the two local government funds from the two most populous states together to form one fund that can look after our members in the future.
“We completed due diligence at the end of last year and the project’s next phase involves developing a target operating model which will outline how a merged fund would look.”
Following that would be to determine if the proposed merger would meet member needs to ensure they would enjoy the same rights and benefits in a merged fund as they did in their two separate funds.
“The board will then assess whether the proposed merger meets the equivalent rights test, so our members will enjoy the same rights in a new fund as they currently do in Vision Super, and whether it’s in the members’ best financial interests to proceed.”
Active Super, formerly known as Local Government Super, had 80,000 members while Vision had 84,000 members.
AUTHOR
Laura Dew
Laura Dew is editor at Super Review. Prior to joining SR, she spent five years working at Investment Week in the UK covering asset and wealth management.
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