Media Super and Cbus enter joint arrangement due diligence
Media Super and Cbus Super, two of Australia’s top performing super funds, have signed a memorandum of understanding and will commence due diligence on a joint arrangement to be in operation in 2021.
Cbus is a $54 billion dollar fund primarily for workers in the building, construction and allied sectors. The joint arrangement will potentially manage the retirement savings of over 800,000 Australians.
The partnership will see a merging of the funds’ investment and administration operations with both the Cbus Super and Media Super branding maintained.
The joint arrangement would let Media Super members access the benefits of scale.
By increasing our size, we can provide access to a greater range of investment opportunities and provide a better deal through cost savings, potentially reducing the investment fees.
The partnership is conditional on a more detailed due diligence process taking place. This will provide an independent assessment proving confirmation that the joint arrangement is in the best interests of members for both parties. Both funds will not be making further public comments until the due diligence process has come to a conclusion.
We will provide updates when we have further information.