Transactions - APRIL 12, 2017

To read this full article you need to be subscribed to Newsline.

Sign in Start Your Free Trial Now View Purchase Options

Kinetic Super and Sunsuper agree on $45b merger

by Jody Barhanovich

Industry superannuation funds, Kinetic Super and Sunsuper, have signed an agreement, giving in principle support for a merger between the two funds.

The combined fund would consolidate its position as one of Australia’s biggest superannuation funds, with more than $45 billion in funds under management and 1.3 million members.

Kinetic Super board chairman, Frank Gullone, said the merger would lead to lower fees as well as “enhanced services and products to all members.”

Sunsuper chairman, Ben Swan, said a successful merger will drive future efficiencies, promote a stronger competitive position in the market, and ultimately generate greater value for the combined member and employer base.

The merger comes amid growing competition in the superannuation sector in Queensland, Australia. Some of the nation’s largest industry superannuation funds are eyeing reforms that this year will put some of the $65 billion in Queensland public servant super account

Glossary, videos, podcasts, research in the Resource Center

Forgot your username or password?

Close your account?

Your account will be closed and all data will be permanently deleted and cannot be recovered. Are you sure?

We respect your privacy! Please give consent for processing data as described in our Privacy Policy