Industry funds NGS Super and QIEC Super have agreed to investigate the integration of the two funds into a master trust structure.
The boards of QIEC Super and NGS Super have executed a memorandum of understanding in order to investigate the possibility of integrating the two funds and establishing a master trust structure, a joint statement said.
NGS Super chair Dick Shearman said: “The master trust structure is well used by retail funds to gain benefits of size while still enabling marketing of individual funds within the trust.
“Initial discussions have identified potential benefits and synergies and we now want to examine those more fully in a formal due diligence process.”
QIEC chair Terry Burke said the trust agreement could bring added benefits to its members.
“No decisions have been made ahead of the due diligence and while investments and insurance are obvious areas for potential integration, other aspects such as brand, marketing and fund administrator can continue with current arrangements under the master trust model,” he said.
Mr Burke also said the agreement would provide further presence for NGS Super as the only national fund in non-government schools.
NGS Super currently manages roughly $7 billion and has 100,000 members nationally. Conversely, QIEC managers approximately $1 billion and has 28,000 members. Both funds serve the non-government and independent schools sector.
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