Fund Company Update

Hostplus and Intrust merger going ahead

Hostplus and Intrust Super are going ahead with their merger, hoping to have the transaction completed by November. A successor fund transfer has been signed. It is understood that all Intrust employees will be offered jobs at Hostplus. Hostplus has $66 billion in assets and 1.25 members, while Intrust has around $3 billion in assets and 90,000 members.

LGIAsuper, Energy Super and Suncorp Super rebranding after merger

The merger between LGIAsuper and Energy Super has begun, integrating Suncorp’s superannuation business into the fund in a three-way merger. The $9 billion Energy Super, $13 billion LGIAsuper and $6.4 billion Suncorp Portfolio Services is being rebranded with a new name, which hasn’t yet been decided.

Bank of Queensland permitted to acquire ME Bank

The federal government has given the green light to Bank of Queensland to buy ME Bank. ME Bank will formally become part of the BOQ group, but will continue to operate as separate businesses. ME Bank has so far been owned by 26 industry superannuation funds. The cost of the acquisition is reported to be $1.3 billion.

IOOF completes phase 1 of consolidating legacy platforms

IOOF Holdings Ltd has successfully completed phase 1 of combining its legacy platforms and products into a new proprietary superannuation and investments platform, Evolve. Almost 40,000 client accounts and $5 billion in funds under administration were moved across in one weekend, making 200,000 client accounts and over $20 billion in funds under management.