Hostplus and Statewide has signed an exclusive Heads of Agreement as part of the merger process being undertaken by both industry superannuation funds.
Both funds said they would commence reciprocal due diligence to confirm that a merger was in the best interests of their members.
The trustee boards would then move to execute a successor fund transfer deed with the aim of completing the merger during the second quarter of 2022.
Hostplus and Statewide Super previously announced they had initiated merger discussions following a detailed competitive assessment conducted by Statewide Super’s trustee, followed by a period of consultation with Hostplus.
This assessment determined that the funds’ respective members, contributing employers and associated communities would realise scale and several other anticipated benefits from a combined fund.
The merger of the funds would create a significantly broader national fund which was anticipated to have over 1.4 million members, 258,000 contributing employers and more than $90 billion in funds under management.
Hostplus was also in the process of merging with Intrust Super and had signed a successor fund transfer deed, and had also previously announced a strategic partnership with Maritime Super.
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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