Cbus and CONNECT to merge
Industry superannuation funds Cbus and CONNECT have announced a landmark in-principle agreement to merge.
Both Steve Bracks, chairman of Cbus, and Mac Russell, chairman of CONNECT, confirmed that a heads of agreement had been signed and the prospective merger date set for October 1, 2010.
CONNECT is the superannuation fund for electrical and communications industry contractors, while Cbus is the industry superannuation fund for the construction, building, infrastructure and allied industries.
“This merger is about serving the best interests of our members and employers,” said CONNECT chairman Mac Russell.
“Both funds’ members and employers will reap the benefits of greater economies of scale, efficiency and an even stronger overall market position,” he added.
Recommended for you
With the final tally for FY25 now confirmed, how many advisers left during the financial year and how does it compare to the previous year?
HUB24 has appointed Matt Willis from Vanguard as an executive general manager of platform growth to strengthen the platform’s relationships with industry stakeholders.
Investment manager Drummond Capital Partners has announced a raft of adviser-focused updates, including a practice growth division, relaunched manager research capabilities, and a passive model portfolio suite.
When it comes to M&A activity, the share of financial buyers such as private equity firms in Australia fell from 67 per cent to 12 per cent in the last financial year.
