Hostplus and Statewide Super have signed a successor fund transfer (SFT) deed, formalising their impending merger into a 1.5 million members strong fund, including 280,000 contributing employers and more than $85 billion in funds under management.
In a statement issued late last week, Hostplus confirmed the SFT deed would allow Statewide Super to transfer its members and investments to Hostplus.
“We are really proud of what we continue to build at Hostplus, and we look forward to welcoming Statewide Super’s members, employers and staff in 2022,” said David Elia, chief executive officer of Hostplus, on the occasion.
“Positive mergers like this one are another great way we can both deliver significant benefits to our members,” Mr Elia noted.
Similarly, Statewide Super’s chief executive officer, Tony D’Alessandro, underlined the pleasing outcome of the comprehensive due diligence and demonstrable benefits for Statewide Super members.
“This merger will lead to low administration fees, no asset-based administration fees, an expanded product range and greater investment opportunities, while still offering local servicing both in-person and over the phone in South Australia and the Northern Territory,” said Mr D’Alessandro.
The SFT is expected to take place on 1 April 2022.
Maja's career in journalism spans well over a decade across finance, business and politics. Now an experienced editor and reporter across all elements of the financial services sector, prior to joining Momentum Media, Maja reported for several established news outlets in Southeast Europe, scrutinising key processes in post-conflict societies.