MEDIA RELEASE: EQUIPSUPER-VISION SUPER MERGER CONFIRMED |
| Friday, 01 July 2011 10:51 | |
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A Joint Statement by Andrew Fairley, Chair of Equipsuper and Darrell Cochrane, Chair of Vision Super
The boards of Equipsuper and Vision Super have signed off on the merger of the two funds, with the organisations being brought together in February 2012. The agreement provides the clarity required to accelerate the planning and implementation to create a substantial new $9.5 billion fund.
Vision Super's Chair, Darrell Cochrane, said: "This merger brings together two funds with extremely complementary operations with mutual benefit in the two key areas of member administration and investments.
"The new fund will be able to deliver an exciting and contemporary range of products and services for members and employers."
Equipsuper's Chair, Andrew Fairley said that, due to activities and reporting associated with the end of the financial year, the first practical date for the transfer of Equipsuper's assets into the funds' pooled superannuation trust would be around September this year.
"We will be immediately implementing our plan to bring the operations of the two funds together by February 2012 and achieve full successor fund transfer by August 2012," he said.
The merger of the two funds will create an industry fund among the ten largest by assets in Australia. Total assets will be around $9.5 billion, with a fund membership of over 170,000.
For more information, contact: Geoff Brooks Manager, Communications Ph: 03 9248 5932 Equipsuper Mob: 0407 486 953 Email: gbrooks@equipsuper.com.au
David Moxon Fund Development Manager Ph: 03 9911 3132 Vision Super Mob: 0418 541 003 Email: dmoxon@visionsuper.com.au
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