Australia’s CareSuper and the Meat Industry Employees Superannuation Fund (MIESF) will explore the possibility of a merger and have signed a heads of agreement that would see members transfer to CareSuper.
“Members can rest assured they will be kept informed. In the meantime, the funds will continue to operate independently with no disruption to operations, each focused on continuing to deliver positive outcomes for their members,” CareSuper Chief Executive Jason Murray and MIESF Chief Executive Katherine Kaspar said in a joint statement.
If completed, the merger would see 17,000 members and more than A$1 billion ($652 million) in funds under management transfer to the 550,000-member CareSuper.
Both funds will undertake due diligence to ensure a merger is in the best financial interests of members.
In early November, CareSuper and Spirit Super announced the completion of their merger under the CareSuper name.
