Sydney, 9 June 2022:
Active Super and Vision Super Sign Merger MOU
Active Super and Vision Super have signed a Memorandum of Understanding (MOU) to explore a potential merger and will undertake due diligence to determine if a merger is likely to be in the best financial interests of members of both funds.
Active Super and Vision Super are both profit-to-member funds of a similar size that have a common history servicing current and former local government employees in their respective states of NSW and Victoria.
If a merger proceeds, the fund will manage around $26 billion in funds under management on behalf of members holding around 169,000 accounts.
Kyle Loades, Active Super Chair, said: “These merger discussions represent an opportunity to bring together two funds with a similar membership profile and an aligned responsible investment philosophy, delivering strong, long-term returns and quality service to their members.
“By exploring this potential merger we have an opportunity to achieve additional scale, greater resources for services and growth, as well as potential lower costs and fees for members. Our aim is to put all members in a better position when it comes to meeting their retirement objectives.
"Active Super is a proud responsible investor that delivers strong returns to our members. We are one of six Australian funds to be certified carbon neutral by Climate Active and we have won the SuperRatings Infinity Award seven times for our commitment to environmental responsibilities,” he said.
Active Super, formerly known as Local Government Super, was established in 1997 and manages around $13.8 billion in net assets for over 85,000 member accounts. It has been open to the public since 2009.
Vision Super was founded in 1947 for Victorian local government and authorities’ workers. Vision Super’s net assets are around $12.4 billion for over 84,000 member accounts. It has been open to the public since 2006.