Hostplus and Club Super merger to go ahead
Hostplus and Club Super have confirmed that their two funds will merge, initiating the procedure with the signing of a Successor Fund Transfer Deed.
As two industry funds covering hospitality, recreation and sporting, there are many synergies between the two businesses. Hostplus CEO, David Elia, stated that the merger is a positive step for all members involved.
“We embrace this opportunity to welcome Club Super members, employers and key staff into the Hostplus family.”
“It’s a proud moment for both of our organisations and the decision to merge has not been made lightly. We will continue to focus on ensuring our merged funds continue to deliver high-quality products and services, investment performance and retirement outcomes for our 1.2 million members and their families.”
With $42 billion invested for those 1.2 million members, Hostplus is the significantly larger fund, as Club Super has $600 million invested for its 22,000 members.
Club Super chairperson, Sharron Caddie, said that the merger highlights how both boards are focused on what’s best for their members.
“In executing the Successor Fund Transfer Deed, we are actively helping to bring enhanced services and benefits to our members and employers, while continuing to recognise and support the community and sporting clubs they work so tirelessly in.”
The merger is scheduled to occur on 1 November, and members and employers will this month receive a detailed overview of the merge process.