POWERED BY MOMENTUM MEDIA
Merger moves forward for Hostplus
Hostplus has signed a successor fund transfer (SFT) deed with Statewide Super to progress the merger between the two funds.
The SFT deed would allow Statewide Super to transfer its members and investments to Hostplus which was expected to take place by 1 April, 2022.
The combined fund would have over 1.5 million members and more than $85 billion in funds under management.
David Elia, chief executive of Hostplus, said: “We are absolutely delighted today as we continue to create a national fund of greater size and scale, supporting the best financial interests of our broadening membership. We are really proud of what we continue to build at Hostplus and we look forward to welcoming Statewide Super’s members, employers and staff in 2022.
“Positive mergers like this one are another great way we can both deliver significant benefits to our members.”
Tony D’Alessandro, chief executive of Statewide Super, said: “Statewide Super members, who are in majority down the central corridor of Australia, will benefit from being with a super fund of larger scale.”
“This merger will lead to low administration fees, no asset-based administration fees, an expanded product range and greater investment opportunities, while still offering local servicing both in-person and over the phone in South Australia and the Northern Territory.”
Statewide Super said it would retain strong ties to local government in SA and NT.
AUTHOR
Laura Dew
Laura Dew is editor at Super Review. Prior to joining SR, she spent five years working at Investment Week in the UK covering asset and wealth management.
Recommended for you
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.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
Spire Oaktree Opportunities XI First Close USD
73.88 3 y p.a(%)
2
Hills International
63.66 3 y p.a(%)
3
Acadian Global Equity Long Short Class A
36.33 3 y p.a(%)
4
CFS FC Acadian Global Equity Long Short
35.96 3 y p.a(%)
5
DomaCom 4/27 Crombie Avenue Bundall QLD 4217 Australia
32.23 3 y p.a(%)
Add new comment