Cbus and CONNECT to merge
Cbus and CONNECT will officially merge on October 1 after the two boards signed a heads of agreement providing in-principle support to the move earlier this year.
With the due diligence process now complete, the two funds will transition to a single entity over the next three months.
The announcement has been welcomed by the chair of each fund, with CONNECT chair Mac Russell congratulating chief executives Sean Leonard and David Atkin on overseeing a smooth process.
“Both boards are satisfied that this will deliver real member benefits over the long term,” Russell said.
The funds had undergone a detailed and rigorous process with respect to the financials, governance and member benefits, Russell said.
“I admit it has been complex, but the open and collaborative approach taken by both funds was the key to successfully navigating a path forward.”
Recommended for you
The month of April enjoyed four back-to-back weeks of growth in financial adviser numbers, with this past week seeing a net rise of five.
ASIC has permanently banned a former Perth adviser after he made “materially misleading” statements to induce investors.
The Financial Services and Credit Panel has made a written order to a relevant provider after it gave advice regarding non-concessional contributions.
With the election taking place on Saturday (3 May), Adviser Ratings examines how the two major parties could shape the advice industry in the future.
