Landmark consolidation move as AustralianSuper, Westscheme merge
In one of the most significant moves in the superannuation industry, AustralianSuper, Australia’s largest industry fund, and fellow industry player, the 200,000-plus member WA-based Westscheme, today announced that they plan to merge.
To take effect on 30 June 2011, after the completion of the due diligence process, the merger will take AustralianSuper to over 1.7 million members, 150,000 employers and over $40bn in funds under management (FUM). One in four West Australian workers will be members of the fund.
In a joint statement, AustralianSuper Chief Executive, Ian Silk, and Westscheme CEO, Howard Rosario, said that, above all else, the merger is about securing members’ retirement futures through AustralianSuper’s size, scale and capability to lead the industry on long term investment performance, low fees and net benefit for members.
It also reflects the strong alignment between the funds’ respective philosophies and, in particular, their shared goal of better outcomes and advocacy for members.
“By merging into AustralianSuper, Westscheme members will benefit from our size and expertise which will make a real difference to their retirement outcomes,” said Mr Silk.
Mr Rosario revealed that Westscheme’s ‘member first’ focus led them to look at a merger as a way to secure the best possible long-term outcomes for their members.
“AustralianSuper is a fund that has shown the potential to deliver our members strong, long-term investment performance and low costs. Members will also benefit from the enhanced services and products that AustralianSuper provides, including a market-leading insurance offering,” he said. “And, in a changing landscape in which funds are facing increasing challenges, the Westscheme Trustee were attracted by the advantages of joining with Australia’s leading industry super fund.”
Mr Silk said that, fundamentally, the decision to merge with Westscheme was an easy one.
“AustralianSuper has a very strong vision about the future of superannuation in this country and we are determined to play a leading role in shaping that future in the interests of our members,” he said.
“Our vision includes expansion to enable us to deliver the best prospects for secure retirement to the greatest possible number of Australian workers. This merger offers us the chance to do both, and to demonstrate our very strong capability and commitment in this regard.”
With merger talks progressing throughout the industry, Westscheme has leapt ahead of the pack in making the decision to secure its members’ futures by joining with AustralianSuper.
The merger will see the creation of a new, separate division within AustralianSuper, servicing both Westscheme members and most AustralianSuper members in WA. The new Westscheme division will service more than 35,000 employers and 310,000 members with $5 billion in funds under management. The division will be serviced by the funds’ combined staff – West Australians providing services for West Australians, in Western Australia.
Landmark consolidation move as AustralianSuper, Westscheme merge
Perth, 8 February 2011: In one of the most significant moves in the superannuation industry, AustralianSuper, Australia’s largest industry fund, and fellow industry player, the 200,000-plus member WA-based Westscheme, today announced that they plan to merge.
To take effect on 30 June 2011, after the completion of the due diligence process, the merger will take AustralianSuper to over 1.7 million members, 150,000 employers and over $40bn in funds under management (FUM). One in four West Australian workers will be members of the fund.
In a joint statement, AustralianSuper Chief Executive, Ian Silk, and Westscheme CEO, Howard Rosario, said that, above all else, the merger is about securing members’ retirement futures through AustralianSuper’s size, scale and capability to lead the industry on long term investment performance, low fees and net benefit for members.
It also reflects the strong alignment between the funds’ respective philosophies and, in particular, their shared goal of better outcomes and advocacy for members.
“By merging into AustralianSuper, Westscheme members will benefit from our size and expertise which will make a real difference to their retirement outcomes,” said Mr Silk.
Mr Rosario revealed that Westscheme’s ‘member first’ focus led them to look at a merger as a way to secure the best possible long-term outcomes for their members.
“AustralianSuper is a fund that has shown the potential to deliver our members strong, long-term investment performance and low costs. Members will also benefit from the enhanced services and products that AustralianSuper provides, including a market-leading insurance offering,” he said. “And, in a changing landscape in which funds are facing increasing challenges, the Westscheme Trustee were attracted by the advantages of joining with Australia’s leading industry super fund.”
Mr Silk said that, fundamentally, the decision to merge with Westscheme was an easy one.
“AustralianSuper has a very strong vision about the future of superannuation in this country and we are determined to play a leading role in shaping that future in the interests of our members,” he said.
“Our vision includes expansion to enable us to deliver the best prospects for secure retirement to the greatest possible number of Australian workers. This merger offers us the chance to do both, and to demonstrate our very strong capability and commitment in this regard.”
With merger talks progressing throughout the industry, Westscheme has leapt ahead of the pack in making the decision to secure its members’ futures by joining with AustralianSuper.
The merger will see the creation of a new, separate division within AustralianSuper, servicing both Westscheme members and most AustralianSuper members in WA. The new Westscheme division will service more than 35,000 employers and 310,000 members with $5 billion in funds under management. The division will be serviced by the funds’ combined staff – West Australians providing services for West Australians, in Western Australia.