Australian Ethical Investment has confirmed that the merger between Australian Ethical Super and Christian Super has been finalised.
In an ASX filing on Monday, Australian Ethical Investment said that the successor fund transfer (SFT) of Christian Super into Australian Ethical Super was successfully completed on 25 November.
“We are delighted to welcome more than 28,000 new members who want to invest ethically and look forward to communicating the benefits of increased scale to all super fund members which we’ll be passing on as fee reductions,” Australian Ethical CEO John McMurdo said.
Australian Ethical now stands at more than 110,000 investors and more than $8 billion in funds under management.
“The increased scale achieved through this transfer will further grow Australian Ethical’s influence and impact as one of Australia’s leading pure-play ethical investment firms with a 36-year track record of offering strong returns to its investors,” Mr McMurdo said.
Back in July, Australian Ethical and Christian Super signed an SFT deed having explored a merger earlier in the year with both groups inking a memorandum of understanding in April.
At the time, Christian Super chair Neville Cox said that the fund was pleased to have found an alternative for its members, as it looked to wind up after nearly 40 years.
Last December, the Australian Prudential Regulation Authority (APRA) gave Christian Super until July 2022, to merge with a “larger, better performing” fund.
Christian Super was named as one of the 13 super funds that failed APRA’s inaugural performance test.
