Superannuation funds Hostplus and Club Super have announced that their merger was officially complete as of last Friday, 1 November 2019.
Club Super’s 22,000 members with a total of $600 million in superannuation joined the much larger Hostplus, which has 1.2 million members and $45 billion in assets.
Hostplus Chief Executive David Elia said the merged fund would continue to follow the successful ‘all profit to members’ strategy, and that the fund would be stronger after the merger due to economies of scale.
“We welcome the members of Club Super, along with employers and key staff into the Hostplus family, in a merger designed to deliver all members greater access to a wide range of investment options and benefits,” Elia said.
“Hostplus and Club Super have the same DNA, the same collective heritage, dedicated to serving members from the tourism, hospitality, sporting and recreation sectors.”
“Our pledge is that the newly merged fund will continue to deliver high-quality products and services to members and their families, with superior investment performance and retirement outcomes for all.”
“In undertaking a merger, Hostplus and Club Super recognise that both organisations have a strong alignment and shared values.”
It is expected that Club Super members will have their accounts transferred to Hostplus by 14 November.