Cbus and Media Super
Media Super and Cbus enter joint arrangement due diligence
Media Super and Cbus Super, two of Australia’s top performing super funds, have signed a memorandum of understanding and will commence due diligence on a joint arrangement to be in operation in 2021.
Media Super oversees just under $6 billion in retirement savings for workers predominantly in the printing, arts, media, and entertainment industries. Cbus is a $54 billion dollar fund primarily for workers in the building, construction and allied sectors. The joint arrangement will potentially manage the retirement savings of over 800,000 Australians.
The partnership will see a merging of the funds’ investment and administration operations with both the Cbus Super and Media Super branding maintained.
The Chair of Media Super, Gerard Noonan said the joint arrangement would let Media Super members access the benefits of scale.
“By increasing our size, we can provide access to a greater range of investment opportunities and provide a better deal through cost savings, potentially reducing the investment fees,” Mr Noonan said.
“Cbus has a strong offering with 30% of its investments internalised and ownership of its market-leading developer, Cbus Property.
“We believe that the merger will also continue to build on our leading responsible investment approach and have a much stronger voice with the companies with which we engage.”
Cbus Super Chairman Steve Bracks said Cbus understood the importance of maintaining a strong connection with members.
“For 35 years our fund has had a strong bond with our members,” Mr Bracks said.
“This affinity with our members has built a strong level of trust in the fund. Media Super has a very similar history and connection with their members.
“This is an exciting opportunity for both of our funds and I am very pleased to see this proposal progressing.”
The partnership is conditional on a more detailed due diligence process taking place. This will provide an independent assessment proving confirmation that the joint arrangement is in the best interests of members for both parties. Both funds will not be making further public comments until the due diligence process has come to a conclusion.
Media Super is the $5.9 billion industry super fund for the print, media, entertainment and arts industries. For more than 30 years, Media Super has been committed to helping members achieve a comfortable retirement and providing support throughout their working lives. Media Super is also committed to supporting our community of industries to help them build vibrant, robust sectors.
Further enquiries for Media Super:
For Cbus Super:
Tristan Douglas, 0417 736 434