Fund Company Update

Company Updates

First State Super and VicSuper complete merger

After the merger, two joint entity manages over $120 billion and has about 1.1 million members - mostly aged-care and healthcare workers, teachers, police, and emergency services workers. Fees have been ‘significantly’ reduced, the fund said, with a 20 per cent fee cut within the first year.

Equipsuper merges Pitcher Retirement Plan

Equipsuper has completed its successor fund transfer taking corporate superannuation plan, Pitcher Retirement Plan, into the fold. The Pitcher fund has 950 members and $85 million added to Equipsuper’s existing $15 billion funds under management.

QSuper drops comprehensive financial advice

QSuper has closed its offering of comprehensive financial advice to new customers and culled 55 jobs after a fall in demand for holistic financial advice. QSuper said that less than one per cent of its 585,000 members accessed the advice offering via the super fund, but the fund was employer 61 financial advisers. QSuper is now expanding its personal advice offering, with a 35 per cent increase in demand after the fund expanded its phone-based advice service.

Cbus and Media Super talk merger

Media Super is investigating Cbus as a possible merger partner after six months of looking for a potential merger. Nothing has been signed yet and no due diligence has been completed, but are understood to be committed. The ultimate entity would be a $62 billion fund.