The merger represents a significant milestone for the funds and their collective members, contributing employers and stakeholders.
With its origins in the hospitality, tourism, recreation and sports sectors, Hostplus continues to evolve as the lifetime fund of choice for Australians and employers from a broad range of backgrounds and industries. Today, Hostplus is one of the largest and best-performing super funds in Australia, with 1.3 million members, 246,000 contributing employers and $66 billion funds under management.1, 2
Intrust Super has been serving the hospitality, clubs, tourism and retail sectors for over 30 years. Over that time, Intrust Super has provided superannuation and retirement solutions to over half a million Australians. The merger signifies the conclusion of Intrust Super’s operations, with more than 90,000 members, 25,000 employer clients, and $3 billion in funds under management3 transitioning to Hostplus.
As leading industry super funds with a common heritage and ethos, there is a strong alignment between the organisations. This has materially contributed to the successful merger. Both funds expect the merger to strengthen outcomes for their collective members.
David Elia, Chief Executive Officer of Hostplus, said the completion of the funds’ merger represents a significant milestone for Hostplus.
“We are absolutely delighted with the successful merger, as we continue to create a truly national fund of greater size and scale, supporting the best financial interests of our broadening membership. We are immensely proud of the benefits the merger will provide to our newly combined membership, and look forward to welcoming Intrust Super’s members, employers and staff to our growing fund.”
“We’ve done an enormous amount of work to reach this point. The merger of our two proud funds today is a momentous occasion which we are delighted to have successfully achieved.”
“Our focus remains on ensuring we continue to deliver high-quality products and services, investment performance and retirement outcomes for our combined 1.4 million members and their families,” Mr. Elia said.
Intrust Super’s Chief Executive Officer, Brendan O’Farrell, said the merger was a practical demonstration of two highly respected and well-performing funds electing to combine their competitive advantages for their members’ benefit.
“The shared heritage and traits of Intrust Super and Hostplus formed a solid foundation for what we know will be a great union of our funds. The merger puts the best financial interests of both funds’ members first and supports our continued growth, competitiveness, sustainability, and success. These factors will help to further secure strong retirement outcomes for Intrust Super’s members now, and into the future”, Mr. O’Farrell said.
1Source: Hostplus, as at 31 October 2021
2Hostplus manages $73 billion in funds under management, including other investments managed by the Hostplus Pooled Superannuation Trust
3Source: Intrust Super, as at 31 October 2021