Melbourne-based Cbus Super and Media Super will explore a "joint arrangement" that would merge their investment and administrative operations but allow them to maintain their respective brands.
Economies of scale would be a top goal driving the combination, spokesmen for the super funds said Thursday. Cbus oversees A$54 billion ($37.1 billion) in retirement assets for participants predominantly in the building and construction trades, while Media Super is a roughly A$6 billion fund for workers in the printing, arts, media and entertainment industries.
"Increased scale means Cbus can continue to build on our successful internal strategies," Tristan Douglas, a spokesman for Cbus, said in an email.
Gerard Noonan, chair of Media Super, said in a news release: "By increasing our size, we can provide access to a greater range of investment opportunities and provide a better deal through cost savings, potentially reducing the investment fees."
The two funds have signed a memorandum of understanding and will commence due diligence on the joint arrangement, which could "be in operation in 2021," the release said.
The funds won't comment further until the due diligence process is completed, according to the release.
Mr. Douglas said no redundancies will be required under the proposed joint arrangement.
The move follows the completion of a precedent-setting deal in October, merging the investment and back-office operations of Melbourne-based EquipSuper and Catholic Super while retaining their separate brands. That merger created a A$26 billion organization.
"Media" - Google News
July 09, 2020 at 08:47PM
https://ift.tt/3edCA4g
Cbus, Media super funds explore investment, operations merger - Pensions & Investments
"Media" - Google News
https://ift.tt/2ybSA8a
https://ift.tt/2WhuDnP
Bagikan Berita Ini
0 Response to "Cbus, Media super funds explore investment, operations merger - Pensions & Investments"
Post a Comment