15 April 2010
Equipsuper and Vision Super agree to merge
Victorian-based superannuation funds, Equipsuper and Vision Super, have announced a proposal to merge on 1 July 2013, subject to certain conditions, including satisfying regulatory requirements and engaging with key stakeholders about the benefits of merger.
On today’s figures, the merged fund would have over $8 billion of funds under management and a membership of more than 150,000.
The Boards of the two funds identified the opportunity to create a larger fund capable of delivering benefits of scale. The proposed merger would also allow them to harness other synergies in resources and expertise, to enhance investment risk management and expand the range and quality of services delivered, in the interests of their members and employers.
Equipsuper and Vision Super are two of Victoria’s oldest funds, each operating for over 60 years. They both operate on a profit-for-member basis, and share a long tradition of commitment to delivering solid, long-term investment returns with a focus on member services, communication and education.
Equipsuper’s Chairman, Mr Andrew Fairley said in relation to the merger: “Delivering significant economies of scale, together with enhanced service outcomes, is an aspiration of all trustee boards. We believe this proposed consolidation of our two great funds achieves great synergies with consequent financial benefits for members over the long term.”
Vision Super’s Chairman, Mr Darrell Cochrane, said: “Merging the funds will ensure we have the depth of resources and expertise to assure members and employers of our continuing industry competitiveness. It will enable us to support the resources and skills required to cost-effectively provide the increasing levels of service and support our members will expect in the future.”
Once necessary licensing requirements are completed, the two funds will initially focus on pooling their investments in a pooled superannuation trust (PST). A new company, Pooled Super Pty Ltd (PSPL), has been established as the intended trustee for the PST. Vision Super’s Chief Executive Officer, Rob Brooks and Equipsuper’s Chief Investment Officer, Michael Strachan, will respectively be appointed CEO and CIO of PSPL.
Investment specialists from both funds will manage the combined investments. Equipsuper and Vision Super share similar philosophies about strategy setting and investment risk management, making the integration of their investment activities seamless.
Until the proposed merger is finalised, both funds will continue to offer current member services and investment choice options under their existing brands. Leading up to the merger date of July 2013, the funds will work through broader issues of consolidating their activities.
Please contact our Member Services team on (03) 9911 3222 or 1300 300 820 (for regional members) if you have any queries.
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