UniSuper and Australian Catholic Superannuation (ACS) have now merged following the completion of the Successor Fund Transfer (SFT). More than 80,000 former ACS members and over $10 billion in funds under management (FUM) are now part of UniSuper.
UniSuper said the SFT was realised after considerable due diligence, planning and integration, adding that it is “committed to ensuring continuity of services and assistance to all participating employers and key stakeholders”.
UniSuper chief executive Peter Chun said, “We’re really pleased to welcome members formerly from ACS to UniSuper. With all members set to benefit from increased scale, we are looking forward to this new chapter in UniSuper’s history. Our focus will continue to be on achieving amazing retirement outcomes for our members, new and old, and ensuring a smooth transition for those joining us from ACS.
“Scale offers opportunities for the fund, keeping downward pressure on fees, ensuring that UniSuper can continue to leverage our position as an active investor, and unlocking investment opportunities that simply aren’t available to smaller funds. All of these factors position UniSuper to continue serving our members’ best financial interests.”
ACS CEO Greg Cantor said, “Our mission has always been to enable the best retirement outcomes possible for our members. After considerable due diligence, I am confident this merger delivers on that goal for our members. We have been very pleased with the cultural alignment of our fund with that of UniSuper and their commitment to work closely with our members and employers in Catholic agencies and Catholic schools.”
UniSuper added that the funds were able to achieve a “successful transition in all members’ best financial interests”.
With the merger complete, UniSuper will now have around $115 billion in FUM on behalf of 620,000 members.
The two super funds originally inked a memorandum of understanding in December 2021 in order to formally explore a potential merger.
UniSuper confirmed in May that it would proceed with the merger after an extensive due diligence process and independent review, with the funds signing the SFT deed in July.
“We’re really pleased to progress the agreement with ACS. Our aligned values and member-first focus will help to ensure a smooth transition to UniSuper for ACS members,” Mr Chun said at the time.
In October, UniSuper announced that chairman Ian Martin would retire at the end of December, with Mark Armour appointed as his successor.
