CareSuper and Spirit Super to explore merger
In a joint statement the Chair of CareSuper, Cr Linda Scott and the Chair of Spirit Super, Naomi Edwards said:
“Both funds have identified a shared common vision to potentially create a mid-sized fund that provides a distinct point of difference in the market.
“Both funds will now undertake extensive due diligence, before any decision is made, to ensure a merger is in the best financial interests for members of both funds. This process will take several months. In the meantime, the funds will continue to operate independently with no disruption to operations, each focused on continuing to deliver positive outcomes for members.
“Both CareSuper and Spirit Super members can be assured they will be kept informed of any material decisions. There is no change to any aspect of any member’s funds, investments or insurances as a result of this preliminary non-binding MOU.”
CareSuper was established in 1986 to look after super for office-based employees. It is one of the largest industry funds for people in professional, managerial, administrative and service occupations in all business sectors. CareSuper has over 220,000 members and $20 billion in funds under management.
Spirit Super was established in 2021 through the merger of Tasplan and MTAA Super. As an industry fund for hard working Australians, they are focused on growing membership in rural and regional Australia. Spirit Super has over 324,000 members and $25 billion in funds under management.
All media inquiries for this announcement should be directed to David Imber, 0413 274 204 or [email protected]