Hostplus and Maritime Super have today confirmed the successful completion of the merger between the two funds.
The merger follows a comprehensive due diligence process, with the aim of delivering increased scale, greater efficiencies, and ultimately enhanced value for members, employers and stakeholders of both funds.
The merger sees around 23,000 Maritime Super member accounts, representing more than $6 billion in funds under management, transitioning to Hostplus. The deal takes Hostplus’ FUM to over $100Bn, serving 1.7 million members.
David Elia, Chief Executive Officer of Hostplus, said the completion of the merger delivers great scale outcomes for Hostplus members.
“The finalisation of Hostplus’ merger with Maritime Super is an exciting milestone and represents another step on Hostplus’ growth and evolution to becoming a lifetime fund of choice for an increasing number of Australians,” Mr Elia said.
“Hostplus is focused on delivering exceptional retirement outcomes for our members, which are supported by low admin fees and sustained net investment performance over the long-term. Our continued growth means we can further leverage scale benefits to keep costs low whilst also investing in products and services that support our members journey towards retirement.”
Hostplus’ growth trajectory continues to be far above the industry average. Recent APRA data highlights that total superannuation assets for the year to June 2023 grew +7.6%1, compared to Hostplus funds under management which grew 16.2% over that same period.
Peter Robertson, Chief Executive Officer of Maritime Super, said the shared values, member-first ethos, industry fund heritage, as well as the success of the funds’ strategic investment relationship — which has seen Hostplus manage Maritime Super’s investments through its Pooled Superannuation Trust since 2021 — made Hostplus an obvious merger partner.
“We are delighted to complete the merger with Hostplus today and know that they will continue our journey to support our members realise their retirement goals with Hostplus. We’ve upheld a strong focus on service to members and access to comprehensive financial advice which will carry forward with Hostplus.”
“For over 50 years, Maritime Super has supported workers and employers in the maritime industry and we are proud of our track record of delivering financial security for our members. Hostplus’ demonstrated commitment to member best financial interests will ensure benefits to our members are continued into the future.”
Further information can be found at hostplus.com.au/maritime
About Hostplus
Hostplus is one of Australia’s largest industry super funds, with more than 1.7 million members, more than 300,000 contributing employers and more than $100 billion in funds under management.
Hostplus continues to evolve and grow as the lifetime fund of choice for Australians and employers from a broad range of backgrounds and industries.
About Maritime Super
Maritime Super is the largest industry fund for the maritime industry.
As Australia’s longest-running industry super fund, we’ve delivered innovative super and retirement benefits to generations of members for over 50 years.
