TWUSUPER ditches merger with EISS Super
TWUSUPER has decided not to proceed with a merger with EISS Super, following extensive due diligence.
In a statement, a TWUSUPER spokesperson said: “Any merger must be in members’ best interest. TWUSUPER is now pursuing other growth options.
“TWUSUPER’s motivation in entering merger discussions with EISS was the potential benefit members of both funds would achieve from greater scale. We also felt EISS members would benefit from TWUSUPER’s strong investment performance.”
The two funds entered into a memorandum of understanding for a merger in April. However, EISS Super had recently come under scrutiny after its ex-chief executive, Alex Hutchison, resigned after investigations into sponsorship and bullying complaints.
Hutchison claimed his resignation was a result of a “smear campaign” and its former chair, Warren Mundy, departed the fund shortly after Hutchison.
Recommended for you
Treasurer Jim Chalmers has handed down his third budget, outlining the government’s macroeconomic forecasts and changes to superannuation.
Online investment adviser and fund manager Stockspot has introduced Stockspot Super, Australia’s first 'ETF only' superannuation product. superannuation product.
ASIC has called on superannuation funds to improve their oversight of advice fee deductions following an investigation of 10 trustees that found $990 million was charged in one year.
With just 30 per cent of Australians knowing their superannuation balance to the nearest $1,000, Findex has emphasised the role of financial advice in addressing the critical super knowledge gap.