The merged entity between Australian superannuation funds Mine Super, New Castle, and TWUSUPER, Melbourne, will be led by Vasyl Nair, the current CEO of MineSuper, the funds said in a joint statement on Sept. 28.
Nair will be CEO of the combined fund, while Frank Sandy, the CEO of TWUSUPER, will remain with the entity during the transitional period.
The merger is expected to be completed in early 2024. Mine Super manages A$12.5 billion ($8 billion) in assets, while TWUSUPER manages A$6.5 billion.
The funds also announced signing a Successor Fund Transfer deed that allows the transfer of assets from one fund to another, marking a milestone after the funds signed an agreement in April to merge.
The statement also said that the merged fund will be co-chaired by Mine Super Chair Christina Langby and TWUSUPER Chair Nick Sherry.
Both funds could not be reached for further comment.
