Legal funds merge into Legalsuper
Tuesday, 23 June 2009 12:05pm
Legalsuper has merged with two similar industry funds - the $140 million Victorian Bar Superannuation fund and the smaller Blake Dawson Partner's Superannuation Fund.
The mergers bring legalsuper's total funds under management to over $1.1 billion, and with more than 36,000 total members legalsuper estimates it has secured nearly 30 per cent of the national legal profession.
"Significantly, these mergers nearly double legalsuper's self-employed members, which includes judges, barristers and partners in legal firms across Australia," said Andrew Proebstl, legalsuper chief executive.
"legalsuper has been aggressively pursuing growth opportunities and has a strong record of growth via mergers. Seven legal sector funds have merged into legalsuper over the last nine years. The last of these was the 2007 merger with the NSW Barrister's fund.
Proebstl said in their decisions to merge with legalsuper, the Victorian Barrister's Superannuation Fund and Blake Dawson Partner's Superannuation Fund concluded it was important for their members to access the expanded range of products and services that a larger fund like legalsuper provides.
The growing cost and risk management demands of the expanding regulatory regime was also a significant factor.
"The successful mergers followed thorough due diligence by all three funds, which concluded that the mergers were in the best interests of all members," Proebstl said.
Legalsuper chairman David Miles, said legalsuper's out-performance and continued growth demonstrate there is room in the super industry for boutique funds that better understand the particular needs of their target market compared to the mega super funds.
"We are pleased to welcome Phil Kennon QC, former Chairman of the Victorian Bar Superannuation Fund, to the Board of Legal Super Pty Ltd," said Miles.
Kennon has been a trustee/director of the Victorian Bar Superannuation Fund since 1992.
"Following the merger, John Ames, former Fund Secretary of the Victorian Bar Superannuation Fund, had joined legalsuper and will continue to serve the Victorian Barrister community," said Miles.
Legalsuper has also recently appointed Hugh Macken, the immediate past president of the Law Society of New South Wales, to its board, and Neville Hathaway to a new position of investment expert in an expansion of legalsuper's existing investment committee.
Company release
