LGIAsuper and Energy Super finalised its merger today to create a $22 billion fund with 120,000 members.
The Queensland-based fund said in an announcement that the merger would offer increased size, scale, and reduced costs for members.
LGIAsuper chief executive, and head of the combined fund, Kate Farrar, said the fund also planned to acquire Suncorp’s superannuation business Suncorp Portfolio Services in the first half of 2022.
The two transactions would create a combined fund size of $28 billion under management and about 250,000 members.
“In a rapidly changing superannuation sector, we need to remain agile and responsive to ensure the best outcomes for members. I believe we have done that today,” Farrar said.
“The successful transition of our two organisations into one fund today, with a single MySuper product, is a credit to our staff and partners within both organisations.
“Both organisations brought similar strengths and a strong commitment to members to this partnership.”
The two entities would continue to operate under their existing brands for the time being, with call centres, workplace visits, access to advice and personal services remaining the same.
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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