Prime Super and Combined Super in discussions to merge
Published on 06/07/2018
Prime Super and Combined Super are pleased to announce that they have signed a Memorandum of Understanding, and are in the advanced stages of discussions, in relation to a possible merger of the two funds, subject to completion of satisfactory due diligence.
If a merger does take place, the merged fund would manage assets of approximately $5 billion for in excess of 120,000 members.
The Chairman of Combined Super, Mr George Kogios, said the proposed merger of the Funds would deliver significant benefits of scale to the members and employers of Combined Super whilst continuing the level of service and engagement that the Fund’s members currently enjoy.
“The synergies between Prime Super and Combined Super are strong and we see the ability to continue that small fund level of personal engagement as a strong positive for our members. The additional scale of Prime Super will allow us to demonstrate a real reduction in the cost of superannuation for our members” he said.
The Chairman of Prime Super, Mr Alan Bowman, said that important considerations for the merger were complementary fund cultures, and a shared vision for the future of superannuation. “The merger would provide Prime Super with increased scale, whilst remaining a fund that is focused on delivering a quality product to members and the right level of services to contributing employers across a broad range of industries.”
More information can be found at Media-Release-Prime-Super-and-Combined-Super-to-merge-6-July-2018.pdf