Print Super and Just Super announced merger plans just before Christmas in a move that would create a fund with 108,000 members and over $2bn in assets. The decision to consolidate was made at board meetings of both organisations held mid-December. The parties say that a merger will enable the funds to capitalise on the considerable synergies of the industries they cover, whilst remaining competitive. Members, they say, are set to benefit from continued low fees, strong performance and enhanced products and services.
Print Super chairman, Gordon Cooke, says, "The two funds believe that combining our operations is a strategic move that will achieve significant benefits for the members of both funds."
Just Super chairman, Gerard Noonan, says, "These memberships are a natural fit allowing the merged entity to have a clear industry focus while offering members the benefits of greater economies of scale, including low costs and enhanced products and services."
Just Super, formed 20 years ago, caters to member of the media, arts and entertainment industries where it has 43,000 members with combined retirement savings of almost $800m.
Print Super, also 20 years old, caters to members of the printing, graphics and related industries, and with its public offer division has over 65,000 members and $1.4bn in funds under management.
A working party comprising board members and the chief executives of both funds will be formed to develop the project with a target date for the merger set at June 30 2007.
