Maritime Super and Auscoal Super are in merger talks, according to union chief Paddy Crumlin.
Maritime Super is in talks about a possible merger with the industry superannuation fund for the mining sector Auscoal Super, according to Maritime Union of Australia (MUA) national secretary Paddy Crumlin.
Crumlin is also the Maritime Super chair.
"Maritime Super and Auscoal Super are exploring opportunities for a merger," Crumlin said in a statement to MUA members.
He said the merger of the two funds would create an $8 billion fund, which would mean "proven benefits in service and lower costs to the two funds' membership".
"The cooperative approach between the MUA and the CFMEU [construction, forestry, mining and energy union] mining and energy division has proven to be very important in strengthening the financial services to members of the Maritime Mining and Power Credit Union," he said.
He said this was particularly important "at a time when the international financial system is in disgrace over its poor levels of governance, which was a major contributor to the global financial crisis".
Crumlin said the two unions and the Australian trade union movement continue to work together to build quality and durable financial and superannuation services to maritime and other workers and their families.
"This remains central to our vision and concrete work," he said.
Auscoal Super chair Arthur Weston confirmed that the two funds were looking at a possible merger.
"At a minimum we are looking for a merger to bring greater economies of scale, efficiency and an even stronger overall market position," Weston said.
The two non-consecutive alphabetic letters encountered most often last week caused more controversy than the underlying policy they represented, Wouter Klijn writes.... read more »
Home delivered!
Daily news, weekday mornings
Get the day's news delivered direct to your inbox. Register here (it's free!) and choose 'yes' to receive the InvestorDaily newsletter.
