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Australia: Industry funds announce US$18B joint venture

 |  May 1, 2019

Two industry superannuation funds have announced a joint venture that will create a $26 billion entity, aimed at delivering scale benefits to their combined 150,000 members.

Equipsuper and Catholic Super have signed a memorandum of understanding to set up a joint trustee board that will oversee the initiative.

Eventually, the two Melbourne-based funds will combine their investment pools, administration and even offices. However, they will retain their individual branding, in what Equipsuper chair Andrew Fairley told Financial Standard is an attractive new model for Australian super funds as consolidation sweeps the industry.

Fairley said the two funds expected significant savings for their members from the move.

Full Content: Financial Standard

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