NGS Super, a A$8.8 billion ($6.8 billion) Melbourne-based superannuation fund with a focus on employees in non-government education, and QIEC Super, a A$1.5 billion Brisbane-based fund for Queensland employees in non-government education and other care- and community service-related sectors, announced plans to merge on Nov. 1.
Terry Burke, QIEC Super’s chairman, noted in a telephone interview that the partnership will further NGS’ push to establish a national presence, adding a significant footprint in the state of Queensland to its current strengths in South Wales, South Australia and Victoria.
At the same time, the economies of scale it provides should benefit NGS’ 100,000 members and QIEC’s more than 25,000 member alike, he said.
“QIEC Super needs to look to its future beyond a stand-alone fund and consider how the interest of members might be strengthened and enhanced within a larger like-minded education and care industry fund,” Mr. Burke added in a joint news release Thursday.
The QIEC chairman said the manager lineups of the two super funds should be consolidated by the Nov. 1 launch of the merged entity. A single administrative platform, meanwhile, will be introduced on Oct. 1, 2019.
Leni Vu, marketing and communications manager for NGS Super, couldn’t immediately be reached for comment.