Equipsuper to merge with Rio Tinto Staff Super
Latest News

Equipsuper to merge with Rio Tinto Staff Super

Industry fund Equipsuper has confirmed its merger with the Rio Tinto Staff Superannuation Fund in a move that will double its funds under management to $14 billion.


Equip and Rio Tinto Staff Super have completed due diligence in relation to merger talks announced in February 2017 and will merge on 1 July 2017.

The merged entity will retain the Equip branding and have total membership of over 75,000, as well as funds under management of $14 billion.

Equip has also appointed Nicholas Vamvakas as chief executive. Mr Vamvakas has been acting chief executive of the fund for the past 12 months.

As a result of the merger, Equip has appointed two additional independent directors, which will see the industry fund move to a 'one-third/one-third/one-third' member director/employer director/independent director governance model.

The member directors of the merged entity will be Jan Dekker, Pippa Leary and Jane Simon; the employer directors will be John Azaris, Mark Cerche and Michael Clinch; and independent directors Andrew Fairley (also chair), Justine Hickley and Wayne Walker.

Equip chair Andrew Fairley said Mr Vamvakas had successfully guided the fund through the negotiations with Rio Tinto Staff Super the led to the merger.

"Our existing and incoming trustee directors are very pleased to be able to assure our members, employers, staff and key industry partners of the continuity and proven leadership qualities that he brings to the fund," Mr Fairley said.

"We have established a clear and unique position in the corporate superannuation marketplace, which bridges the gap between profit-for-member industry funds and retail master trusts."

Read more:

Super funds closing in on strong year

Grant Samuel announces new CEO

Link Group rebrands managed fund admin

Bank levy must be reviewed, says Senate

 

Equipsuper to merge with Rio Tinto Staff Super
Equipsuper, Rio Tinto Staff Superannuation Fund, Nicholas Vamvakas, Andrew Fairley
ID logo
promoted stories

Appointments

Matt Spence

UniSuper recruits Merill Lynch analysts

Staff Reporter

Robert Brown

ACSA hires former director as CEO

Staff Reporter

Sudhanshu Garg

AMP Capital appoints director in Dubai

Staff Reporter

Analysis

investordaily image

Why MiFID II matters for Australia

Gary Stone

investordaily image

Five unconstrained fixed income ideas

Nick Gartside

investordaily image

Getting on board the ‘grey nomad’ caravan

Nick Griffin