Perth-based industry super funds WA Super and Concept One have announced their decision to merge, a transaction that will create a $3.2 billion fund.
WA Super, which has $2.6 billion in funds under management, has agreed to merge with $510 million rival Concept One.
Talks between the two funds have been underway since December 2016, and implementation of the merger is expected in early 2018.
Concept One chief executive Paul Cahill, who previously headed up ClubPlus, told ifa sister publication InvestorDaily he was recruited earlier in the year to see the merger through.
Mr Cahill said Concept One's 23,000 members have a lower account balance than WA Super's 40,000, and that it made sense for the two funds to merge.
If the transaction goes ahead, the merged entity will have $3.2 billion in funds under management and 60,000 members.
News
- 18 Feb 2019ASIC appeals Westpac best interests court decisionBy Adrian Flores
- 18 Feb 2019FASEA mostly funded by the major banksBy Adrian Flores
- 15 Feb 2019ASIC to undertake harsher penalties against banksBy Eliot Hastie
- 18 Feb 2019NAB most distrusted bank, survey findsBy Sarah Simpkins
- 15 Feb 2019Court restrains unlicensed firm from operatingBy Adrian Flores
- 15 Feb 2019ASIC used Dover whistleblowing to shut licensee downBy Adrian Flores
- view all
