TWUSUPER ditches merger with EISS Super

twusuper/eiss/EISS-Super/M&A/merger/

14 October 2021
| By Jassmyn |
image
image
expand image

TWUSUPER has decided not to proceed with a merger with EISS Super, following extensive due diligence.

In a statement, a TWUSUPER spokesperson said: “Any merger must be in members’ best interest. TWUSUPER is now pursuing other growth options.

“TWUSUPER’s motivation in entering merger discussions with EISS was the potential benefit members of both funds would achieve from greater scale. We also felt EISS members would benefit from TWUSUPER’s strong investment performance.”

The two funds entered into a memorandum of understanding for a merger in April. However, EISS Super had recently come under scrutiny after its ex-chief executive, Alex Hutchison, resigned after investigations into sponsorship and bullying complaints.

Hutchison claimed his resignation was a result of a “smear campaign” and its former chair, Warren Mundy, departed the fund shortly after Hutchison.

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

So we are now underwriting criminal scams?...

1 month 3 weeks ago

Glad to see the back of you Steve. You made financial more expensive, not more affordable as you claim, and presided ...

2 months ago

Completely agree Peter. The definition of 'significant change is circumstances relevant to the scope of the advice' is s...

4 months ago

Entireti has unveiled the new name for the AMP financial advice businesses that it acquired last year....

4 weeks ago

A Sydney financial adviser has been permanently banned from providing any financial services, with the regulator deriding his “lack of integrity, trustworthiness and prof...

2 weeks 5 days ago

Minister for Financial Services, Stephen Jones, has provided further information about the second tranche of the Delivering Better Financial Outcomes (DBFO) reforms....

1 week 4 days ago

TOP PERFORMING FUNDS