As it gears up for its own merger, Equipsuper has completed another successor fund transfer, transitioning the corporate super plan of a national wealth management group.
Equipsuper is now home to the 950 members of the Pitcher Retirement Plan, with the successor fund transfer having finalised on June 1.
It sees about $85 million added to Equip's existing $15 billion funds under management.
PRP members were informed of the plan to merge earlier this year, with the fund saying it has served its members well in the past, "but to continue to strengthen and enhance the interests of members, the trustee of PRP believes the merger should occur".
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"As shared previously with members, the Pitcher Retirement Plan has merged with Equip as of 1 June 2020, in the interests of strengthening and enhancing the interests of members," Pitcher Partners Melbourne client director, superannuation services Brad Twentyman said in a statement to Financial Standard.
As a result of the merger, Twentyman added that it's anticipated members will benefit from improved investment opportunities and continuation of favourable insurance arrangements.
Members will also see reduced fees. According to Rainmaker analysis, PRP members have been paying total fees of 1.93%. With Equip, they will pay about 0.96%.
These fees saw PRP receive a crimson rating from APRA in yesterday's heatmap update for landing above the threshold level for significant underperformance.
Equip is set to merge with Catholic Super, having entered a joint venture last year.