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.
SUBSCRIBE TO THE IFA DAILY BULLETIN
- 10 Dec 2018Only 12% of advice practices have exit plansBy Adrian Flores
- 10 Dec 2018CIPRs need to account for future mortality rates, study findsBy Adrian Flores
- 10 Dec 2018Freedom halts selling of life insuranceBy Adrian Flores
- 7 Dec 2018New ASIC deputy chair announcedBy Adrian Flores
- 7 Dec 2018Growth companies fund added to Macquarie WrapBy Adrian Flores
- 7 Dec 2018ASIC makes unique AFSL decision on foreign adviserBy Adrian Flores
- view all