The two industry super funds are expected to merge next year, now drawing up plans for how they will consolidate their operations.
Cbus and Media Super have declared they will commence work on a merger plan, which will integrate investment, administration and operations over the next year.
Under the joint arrangement, both funds will retain their brands, but they will share their back-office operations.
The progression comes following the two funds completing their due diligence process.
The combined entity will manage around $60 billion in retirement savings on behalf of 840,000 members, across the printing, entertainment, arts, media, building and construction industries.
Cbus Super chair Steve Bracks said the funds had determined through the due diligence process that their amalgamation would be in the best interests of their members.
“Together, Cbus and Media Super can deliver more for members, delivering the tailored, industry-specific products members need with greater scale and efficiencies,” Mr Bracks said.
Media Super chair Susan Heaney added there will be no change to her fund’s core focus on the printing, entertainment, arts and media sectors.
“As part of a larger fund, our members will benefit from the cost benefits of increased scale, access to new opportunities in investments and ever-improving products and services,” Ms Heaney commented.
The merger is scheduled to be complete in late 2021.
Sarah Simpkins is a journalist at Momentum Media, reporting primarily on banking, financial services and wealth.
Prior to joining the team in 2018, Sarah worked in trade media and produced stories for a current affairs program on community radio.
You can contact her on [email protected].
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