CareSuper and Spirit Super have revealed the name of the new fund that will be created by both businesses merger in November, creating a combined fund of 550,000 members and approximately $52 billion in funds under management.

The merged entity will retain the CareSuper name, leveraging its strong market recognition since its establishment in 1986.

“CareSuper and Spirit Super are profit-to-member Industry Funds with a deep commitment to helping our members save for their retirement. Our intention to merge the two funds aims to deliver even better benefits for our members that can be achieved by scale,” said Linda Scott, the appointed Chair of the merged fund.

The decision to retain the CareSuper name was strategic, aiming to capitalise on its strong market presence. “While this is a true merger of equals, both funds decided it was in the best interests of members to call the fund CareSuper to take advantage of strong recognition for the name, which has been in the market since 1986,” Scott explained.

The merged fund will be led by Jason Murray, the current CEO of Spirit Super. “I’m proud to have been chosen to lead a combined fund which will have a laser focus on our members and delivering them great value and excellent customer service. While right now is business as usual for both funds, we are on track to formally come together as the new fund on 1 November 2024,” Murray said.

Elements of the Spirit Super brand identity, including its distinctive logo, will be retained to highlight shared national heritage and member focus. The merger aims to assemble a strong leadership team to support the combined fund of 550,000 members.

The executive team from 1 November 2024 will include Will Sadler (Chief Risk Officer), Sam Horskins (Chief Financial Officer), Ningning Lyons (Chief Strategy Officer), Suzanne Branton (Chief Investment Officer), Kathleen Crawford (Chief Operating Officer), Robyn Judd (Chief People Officer), Jean-Luc Ambrosi (Chief Member Officer), and Simon Reiter (Chief Technology Officer).

CareSuper was established in 1986 and currently manages funds of $22 billion for 222,000 members. Spirit Super was established in 2021 through the merger of Tasplan and the Motor Trades Association of Australia Superannuation Fund, managing over $30 billion in funds for more than 350,000 members.