VicSuper and First State Super will officially merge on 1 July, 2020 as the two funds have signed a formal merger deed.
In a merger progress announcement, the two funds said the board would continue to reflect equal member and employer representation with one independent chair and 14 directors.
Four directors would be from VicSuper’s current board. The chair of the board would be Neil Cochrane and chief executive would be First State Super’s current CEO Deanne Stewart.
VicSuper’s CEO, Michael Dundon, would be appointed deputy CEO and would oversee the structural integration of the two funds. “For now, our investments will continue to be managed separately.
Over the coming months we’ll be developing a strategy to bring our investments together and harness our combined size in ways that will help us deliver strong, sustainable returns for our members,” the announcement said.
The merger will create a super fund that would manage over $125 billion in savings on behalf of more than 1.1 million members.