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Hostplus and Maritime Super sign merger MoU
Hostplus and Maritime Super have jointly announced that the funds have entered into discussions in relation to a merger.
Today’s announcement followed Maritime Super having undertaken a competitive assessment of potential merger partners and coincides with the funds having signed a memorandum of understanding (MoU), ahead of entering into reciprocal due diligence to confirm that a merger was in the best interests of their members.
The MoU would further build on the funds’ existing partnership, which in April 2021 saw Maritime Super enter into a strategic outsourcing arrangement by moving the management of its investment assets to Hostplus’ Pooled Superannuation Trust.
The funds anticipate that upon the successful completion of due diligence the funds’ trustees would sign a successor fund transfer deed and prepare a transition plan which would target Hostplus’ and Maritime Super’s merger in early 2023.
David Elia, chief executive of Hostplus, said: “We’re delighted to be extending our strategic investment relationship with Maritime Super to now work towards a merger of our funds.
“We look forward to continuing to deliver exceptional outcomes for our expanded membership, including delivering one of the lowest admin fees of all MySuper funds, market-leading default investment outcomes – especially from our MySuper Balanced option which is ranked number one for investment performance over 7, 10, 15 and 20 years – and other benefits of scale.”
Peter Robertson, Maritime Super CEO, said: “We see our already established relationship and the fundamental alignment between our funds – from our similar industry fund values to our dedication and passion for our members, employers, staff and stakeholders – as providing an excellent foundation for a successful merger partnership.”
Both fund’s CEOs confirmed that their respective members and employers would be kept informed of the outcomes of the funds’ merger discussions once the opportunity has been fully explored.
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