Multi-industry Tasplan Super and local government industry fund Quadrant Super have formally agreed to merge.
Tasplan Super and Quadrant Super have announced they will operate as one entity from November 2015 under the Tasplan brand.
Wayne Davy, currently the chief executive of Quadrant, will be chief executive of the new entity and Naomi Edwards from Tasplan the chair.
The new fund will comprise 110,000 members and over $3 billion in funds under management and service more than 15,000 employers.
Tasplan chair Naomi Edwards said the benefits of a larger operation were “compelling and far-reaching”.
“We are excited to say that all lights are green for the merger, with both funds convinced after a rigorous exploration phase that merging is in the best interests of our members,” said Ms Edwards.
The growth of the Australian super industry, she said, brings change and rising expectations from the market.
“Mergers that can bring together like‐minded partners focused on delivering the best outcome for members, will be best placed to use their size and complementary attributes to raise the bar for those members. We’re delighted to say we’ve found such a partner in Quadrant,” she said.
Quadrant chair Brent Armstrong said the positive approach of all parties has led to a progressive outcome that will “create a strong and dynamic super fund”.
Mr Armstrong said the fund will be better positioned to improve the financial wellbeing of its members well into the future and provide them with “better products and more competitive fees that scale provides – as well as the excellent service levels they are used to”.
“We’re very grateful to Tasplan and all involved for the collegial spirit of collaboration that has created the opportunity for this new, exciting, strategic partnership,” he said.
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