EISS Super and TWUSuper confirm merger moves
NSW-based industry superannuation fund, EISS Super has confirmed it has entered into a Memorandum of Understanding (MOU) for a merger with TWUSuper.
A successful merger would see the creation of a fund with 130,000 members and over $12 billion in funds under management.
The two funds said today that initial discussions on the merger had been very positive.
Commenting on the move, EISS Super chief executive, Alexander Hutchison, said he believed the fund had an obligation to its members to consider the benefits of a potential merger and to proceed if it was in their best interests.
“It is early days, but we are seeing a lot of potential benefits for members so a merger looks promising,” he said.
For his part, TWUSuper chief executive, Frank Sandy, said that there appeared to be strong synergy between the funds operationally.
“This merger can provide greater scale for both funds and has the potential to deliver cost savings to members across trustee services, administration and investments,” he said.
Both noted that the funds’ memberships shared similarities with a high proportion of members working in high-risk occupations meaning both funds placed great importance on providing quality insurance that was tailored to the needs of their members.
Recommended for you
The financial services technology firm has officially launched its digital advice and education solution for superannuation funds and other industry players.
The ETF provider has flagged a number of developments as it formally enters the superannuation space through a major acquisition.
While all MySuper products successfully passed the latest performance test, trustee-directed products encountered difficulties.
Iress has appointed Insignia Financial’s former general manager of master trust and insurance products as its newest CEO of superannuation, who will take over from Paul Giles.
