MTAA and Tasplan will be known as Spirit Super after the two superannuation funds merge on 1 April, 2021.
In an announcement, the funds said Spirit Super would have a joint funds under management of $23 billion and 326,000 members.
On the name MTAA Super chief executive, Leeanne Turner, said: “What I love about Spirit Super is it captures the energy of what we’re about. It’s fresh and optimistic and innovative — everything we want to be.
“This isn’t about a big fund absorbing a smaller fund. It’s about two successful funds coming together to get even better. It’s a true partnership that will provide a better super experience and outcomes to members across the nation.”
Turner also announced there would be a reduction in administration fees for all Spirit Super members.
“The details are being worked through, but there will be a drop in administration fees when Spirit Super kicks off. So right off the bat, members will start seeing the benefits of the merger,” she said.
The median growth fund delivered 1.9 per cent in March, adding to the “stunning” rally that has seen super funds gain 11 per cent since November.
Vanguard has affirmed its support for the current super performance test, emphasising the importance of keeping the process straightforward.
While some superannuation funds have gone down the route of internalisation, others say they favour ‘smart partnering’ with external managers for diversification appeal.
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.
What a stupid name, worse then the recently branded "Aware Super". So the rev head industry fund and the in-bred industry fund become "Spirit Super"? Then the marketing hyperbole, “What I love about Spirit Super is it captures the energy of what we’re about. It’s fresh and optimistic and innovative — everything we want to be.". Whoever wrote that had a good break next to a chemical plant. Just call in "Inbred rev-head super" and be done with it. A few less financial services jobs in Tassie shortly.
A much better name than MTAA, since its open for anyone. I like it.
I hate it...
Whats that analogy linking a certain orifice to opinions..
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