Merger issues a “hill of beans”

16 August 2018
| By Mike |
image
image
expand image

“What does it matter a hill of beans which fund merges into which?” With those words, Royal Commissioner, Kenneth Hayne, indicated his feelings with respect to the failure of Catholic Super to undertake a successful merger with Australian Catholic Super Retirement Fund.

The Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry had been told that the proposed merger was now back on foot due to discussions between the new chairmen of both funds but that it had failed over disagreements as to which was the dominant fund.

The deputy chairman of Catholic Super, Peter Haysey, told the Royal Commission that his fund’s board had held concerns about Catholic Super not being the successor fund because of its scale and superior returns.

However, Commissioner Hayne pointed to the two funds having agreed to the two funds having agreed to having six seats each on the board of a merged fund plus an independent chair and the ability of that board to set the tone of the merged organisation.

Haysey then pointed out that the possibility of a merger between the two funds was still on foot with discussions having been restarted.

Read more about:

AUTHOR

Add new comment

The content of this field is kept private and will not be shown publicly.

Recommended for you

sub-bgsidebar subscription

Never miss the latest developments in Super Review! Anytime, Anywhere!

Grant Banner

From my perspective, 40- 50% of people are likely going to be deeply unhappy about how long they actually live. ...

5 months ago
Kevin Gorman

Super director remuneration ...

5 months 1 week ago
Anthony Asher

No doubt true, but most of it is still because over 45’s have been upgrading their houses with 30 year mortgages. Money ...

5 months 1 week ago

The transition of services took effect last month....

13 hours 53 minutes ago

The newly created role, reporting to the COO, comes amid the fund’s redesign of its operating model....

14 hours ago

The merger, first announced in December 2022, was due to be completed in mid-2024....

15 hours ago

TOP PERFORMING FUNDS

ACS FIXED INT - AUSTRALIA/GLOBAL BOND