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.
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