Hostplus and Statewide Super have finalised their merger, resulting in more than $81 billion in funds under management (FUM) and 1.5 million members.
The merger placed Hostplus in the top five largest superannuation funds by membership and top 10 by FUM.
Hostplus chief executive, David Elia, said the continued plans for growth and increased scale positioned the fund for enhanced member benefits.
“This is another important and incredibly exciting milestone for Hostplus.
“Over the past 24 months Hostplus has experienced exponential growth with a 22% increase in membership and 58 per cent increase in FUM.
“Our upcoming merger with $6 billion fund, Maritime Super, in addition to organic growth, means we can reasonably expect to reach $100 billion in FUM in 2023.”
Statewide Super’s member-facing Super Hub in the Adelaide CBD would remain, and Statewide Super members would benefit from extended phone and online servicing, from 7.30am-7.30pm ACST Monday to Friday. Servicing by local staff in South Australia and Northern Territory would also remain.
Almost 98% of Statewide Super employees had chosen to join the Hostplus team post-merger.
Elia said the successful transition of around 150,000 members from the self-administered Acurity platform, into Hostplus’ Link Group environment, included members with defined benefit products.
“This positions the fund well for future mergers. The ability to service defined benefit members will further broaden our appeal and suitability as a merger partner and I am confident this will contribute to our ongoing growth as a fund,” Elia said.
Hostplus would acquire an additional 122,744 members in South Australia (133% increase) and 10,630 in the Northern Territory (60% increase).
Hostplus would like to acknowledge and congratulate outgoing Statewide Super chief executive officer, Tony D’Alessandro, and the Statewide Super board, on a professional and seamless transition delivered in the best interests of members.