Under-fire industry super funds to merge to create $26b entity


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Under the terms of the deal, the result of “intense dialogue” over the past three months, the funds, which have a combined membership of 150,000, have signed a memorandum of understanding to establish a joint venture trustee to oversee both entities from October 1.


They will be led by a merged trustee board comprised of 12 members – seven from the existing Equip board and five from Catholic Super. Members and employers will retain their existing representation of one third each of seats on the board.


The agreement will see the funds share administration and investment operations that would provide economies of scale and fee savings, while retaining their individual fund names and control of relationships with members.


The trustee is expected to be named soon, with completion of the agreement, subject to due diligence, likely by the end of the year.


The funds would complete a full merger following a successive fund transfer at end of 2020.


Article source: https://www.smh.com.au/world/north-america/latinos-down-on-trump-but-turnout-for-midterm-vote-uncertain-20181026-p50c64.html?ref=rss&utm_medium=rss&utm_source=rss_world

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