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.
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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