Mine Super and TWUSUPER have announced that next year they will merge under the new name “Team Super”.
On Monday, the two funds said this is a “significant milestone” for the proposed merger, which remains on track to be completed by mid-2024.
If undertaken, the merged entity would create a combined fund managing nearly $20 billion on behalf of over 150,000 members.
In a joint statement, Mine Super chair Christina Langby and TWUSUPER chair Nick Sherry both said the new name signifies the two funds’ commitment to the sectors they serve.
“The name Team Super reflects the existing industry base of both funds – transport, energy and mining workers, and a deep ongoing commitment to the history and service to these sectors,” Ms Langby and Mr Sherry explained.
“The new profit-to-member industry fund will focus on growth across the industry sectors, while improving the best outcomes possible for members.
“Team Super reflects the vision of a genuine merger, with the opportunity for future merger partners which reflects the true ‘team’ approach, with an ongoing focus on growth in a particular industry or workplace sector,” the duo concluded.
The two funds confirmed that another update on the progress of the proposed merger will be made available early next year.
Mine Super and TWUSUPER made their first move towards exploring a merger by entering into a preliminary non-binding memorandum of understanding (MOU) in December 2022.
The merged entity will be co-chaired by Ms Langby and Mr Sherry. Moreover, Mine Super chief executive officer Vasyl Nair will become the CEO of the combined fund, while TWUSUPER CEO Frank Sandy will work alongside Mr Nair during a transitional period.
Mine Super, which was established in 1941, currently manages more than $12.5 billion on behalf of 55,000 members, while TWUSUPER, which was established in 1984, manages $6.5 billion on behalf of almost 100,000 members.