Industry superannuation fund Legalsuper has signed up the NSW Barristers' Superannuation Fund, taking its total funds under management to $860 million.
The move followed a tender process involving four commercial superannuation funds.
"The decision by the barristers' fund to merge with us was not just based on fees and performance. The fund recognised that we were dedicated to the legal industry and as such had the same sort of character and feel as their fund," Legalsuper chief executive Andrew Proebstl said.
In 2005, the Victorian-based Law Industry Superannuation Trust and the Legal Industry Superannuation Scheme merged to create Legalsuper.
"Since 2005, the fund has grown 72 per cent from $500 million to more than $860 million," Proebstl said.
The fund is looking at strategies to differentiate it from the self-managed superannuation fund (SMSF) market.
"With many self-employed barristers and lawyers, we acknowledge that the SMSF sector is competition for us. We are looking at positioning our fund by including attributes that make us attractive to the legal sector," Proebstl said.
One strategy the fund will introduce to its members is an Australian Stock Exchange (ASX) 200 option.
Legalsuper has also awarded Credit Suisse Asset Management a foreign currency overlay mandate and is considering infrastructure investments.
