In a statement, Catholic Super said members would receive investment fee reductions of up to 20 per cent as a result of its “groundbreaking” tie-up with industry fund Equip.
“The reductions are a result of efficiencies and scale achieved by aligning the investments of Catholic Super and Equip,” the fund said.
“The joint venture enabled immediate savings by leveraging a larger investment pool, instituting a single executive team and a range of administrative efficiencies.”
Catholic Super said the legal successor fund transfer due to take place on 1 July was “the final legal step” to align the investments of the two funds.
“These changes will have significant and positive implications over the long term for members’ retirement savings,” Equip and Catholic Super chief executive Scott Cameron said.
“From day one of the joint venture we were able to leverage the scale of the investment pool, even though they were technically two separate pools. The completion of the legal successor fund transfer will unlock further opportunities for efficiencies and scale in our investment activities.”
Mr Cameron said Equipsuper members were also benefiting from “increased scale enabling lower-cost investments and a capacity to invest more in higher returning assets, which should increase retirement savings in the long term”.
In addition, as a result of the venture, Catholic Super members would have access to daily unit pricing and be able to switch investment options on a daily basis.
