Hostplus and Intrust Super confirm merger plan

Two giants of superannuation to become one ‘mega fund’

Australia’s leading hospitality industry super funds Hostplus and Intrust Super have signed a deed to merge in a huge shake-up for the sector.

Both Hostplus and Intrust Super are consistently recognised as two of the best performing funds in Australia and the merger, expected to be completed by November 26, 2021, will create a ‘mega fund’ that will be a huge boost to the hospitality industry.

When you crunch the numbers, the merger is significant in many aspects. Hostplus has over 1.25 million members, 233,000 contributing employers and AUD$66 billion in funds under management, while Intrust Super has over 90,000 members and 25,000 contributing employers, with approximately AUD$3 billion in assets under management.

Hostplus CEO, David Elia, said the merger represents “a significant and positive milestone for the funds and their respective members, contributing employers and stakeholders”.

“We are delighted today, to have formally entered into an agreement with Intrust Super to merge our two funds to create a truly national fund of greater size and scale,” Elia said.

Intrust Super Chief Executive Officer, Brendan O’Farrell, said today’s merger announcement “served as a practical demonstration of two highly respected and well-performed funds electing to combine their competitive advantages for the benefit of members”.

“The collective and shared heritage and core traits of Intrust Super and Hostplus forms a solid foundation for what we expect will be a greatunion of our funds,” O’Farrell said.

The organisations said both members and employers will shortly receive further and more detailed information relating to the expected merger benefits, the process to complete it and relevant next steps and actions.