COVID-19 has hit the brakes on the merger of MTAA Super and Tasplan with the two funds opting to extend the timeline for the process.
The two funds said that the merger date originally set for 1 October, this year, had been extended to no earlier than 31 March, next year.
The extension decision followed a joint recommendation from MTAA Super chief executive, Leeanne Turner and Tasplan chief executive, Wayne Davy to the chairs of both boards.
Sustained market volatility and concerns about supplies of specialist services were explained as being key factors behind the extension.
Turner said that despite the new timeline the decision behind the merger
Despite the new timeline, Turner said today that the decision behind the merger and the benefits to members of both funds remained unchanged.
“We still believe the merger is in the best interest of members of both funds. A combined fund will provide greater efficiencies, improved products and services, increased capability, and better value to members. So, we remain fully committed to the merger — just with an extended time,” Turner said.
Michael Lovett, who left the investment firm just three months after launching its Vanguard Super offering, has taken up a chief executive role at an Australian asset manager.
The Central Bank of Ireland has granted the approval of Equity Trustees’ exit from its Irish operations, with the transaction expected to be complete on 30 April.
Super returns continued to climb in March, raising hopes of delivering double-digit returns by June depending on the performance of this next quarter.
The dedicated super fund for emergency services and Victorian government employees is under fire for unpaid entitlements to transport employees, which could exceed $40 million.
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