Fund Company Update

Raiz Invest Super to become part of AMG Super

After trustee Diversa established that a successor fund transfer was in the best interests of members, Raiz Invest Super is to become a division of AMG Super, with the new trustee being Equity Trustees Superannuation. There will be no changes to investments or insurance arrangements.

HESTA and Mercy Super, UniSuper and Australian Catholic Super, Australian Ethical and Christian Super mergers finalised

Three mergers have been completed, by HESTA and Mercy Super, UniSuper and Australian Catholic Superannuation and Retirement Fund, and Australian Ethical and Christian Super. Mercy Super moved into HESTA, now coming close to being a $70 billion fund. Australian Catholic Superannuation have moved into UniSuper, creating a $115 billion fund. Australian Ethical Super absorbed Christian Super’s members, creating a $6.5 billion fund.

Alcoa looking for a merger partner

Alcoa of Australia Retirement Plan corporate superannuation fund is on the hunt for a merger after a review found the fund may not be suitable for members in two years. The super fund was identified by the Australian Prudential Regulation Authority (APRA) as having sustainability issues due to declining membership. A KPMG report found that concerns were not pressing, but would appear within two years.