Cbus Super, Melbourne, has completed its merger with Energy Industries Superannuation Scheme, Sydney, Cbus announced Monday.
The merger creates an over A$80 billion ($54 billion) fund that serves around 900,000 members. It also marks Cbus' second merger in the past 13 months, after it combined with the A$10 billion Media Super in April 2022.
Before the merger with EISS Super, Cbus had A$77.7 billion in funds under management as of March 31, a spokeswoman said. EISS Super had A$5.3 billion as of June 30.
As a result of the merger, senior executives have left EISS Super. "We thank everyone at EISS Super including former Chair Peter Tighe and former CEO Lance Foster for their work to achieve this great outcome for their members," Cbus chairman Wayne Swan said in a statement.
Cbus CEO Justin Arter said in March that he would step down after this merger. CIO Kristian Fok will take over in the interim as the superannuation fund decides on who will take over permanently, the fund announced at the time.
EISS Super participant accounts have been closed and transferred to new Cbus Super accounts. Participants are expected to pay lower fees after the transfer, the Monday statement said.