On Monday, Hostplus and Maritime Super announced that a merger between the two industry super funds has now successfully been completed.
Approximately 23,000 Maritime Super member accounts representing more than $6 billion in funds under management (FUM) have transitioned to Hostplus as part of the merger. Subsequently, Hostplus’ FUM now exceeds $100 billion with a membership of 1.7 million.
The two funds originally signed a memorandum of understanding (MOU) in February last year before signing a Successor Fund Transfer (SFT) deed to formalise the progression of a merger in December. Hostplus has also managed Maritime Super’s investments through its Pooled Superannuation Trust since 2021.
Prior to the merger, Hostplus and Maritime Super indicated they had completed a comprehensive due diligence process which sought to deliver increased scale, greater efficiencies, and enhanced value for the members, employers, and stakeholders of both funds.
“The finalisation of Hostplus’ merger with Maritime Super is an exciting milestone and represents another step on Hostplus’ growth and evolution to becoming a lifetime fund of choice for an increasing number of Australians,” commented Hostplus chief executive officer David Elia.
“Hostplus is focused on delivering exceptional retirement outcomes for our members, which are supported by low admin fees and sustained net investment performance over the long-term. Our continued growth means we can further leverage scale benefits to keep costs low whilst also investing in products and services that support our members’ journey towards retirement.”
Hostplus suggested that its growth trajectory remains “far above” the industry average, with the fund recording a 16.2 per cent increase in FUM in the year to June 2023 compared to the 7.6 per cent growth for Australia’s total super assets reported by APRA over the same period.
Maritime Super CEO Peter Robertson said the shared values, member-first ethos, industry fund heritage, and the success of their strategic investment relationship made Hostplus an obvious merger partner.
“We are delighted to complete the merger with Hostplus today and know that they will continue our journey to support our members realise their retirement goals with Hostplus. We’ve upheld a strong focus on service to members and access to comprehensive financial advice which will carry forward with Hostplus,” he said.
“For over 50 years, Maritime Super has supported workers and employers in the maritime industry and we are proud of our track record of delivering financial security for our members. Hostplus’ demonstrated commitment to member best financial interests will ensure benefits to our members are continued into the future.”
Jon Bragg
Jon Bragg is a journalist for Momentum Media's Investor Daily, nestegg and ifa. He enjoys writing about a wide variety of financial topics and issues and exploring the many implications they have on all aspects of life.
