Spirit Super chief to helm new entity

Spirit Super chief executive Jason Murray will helm the new $50 billion super fund created by the merger of the Tasmanian fund and CareSuper

Further,  the combined entity will be chaired by Linda Scott, the current chair of CareSuper.

The funds said bringing together a leader from each of the funds reflects the close collaboration to date and the shared vision of the funds' leadership.

The two asset owners have entered into a binding agreement to merge, set to finalise by late 2024.

It has been six months since CareSuper and Spirit Super initiated a non-binding Memorandum of Understanding to explore a possible merger.

Remarkably,  nothing was said about the future role of CareSuper's current chief executive Michael Dundon, who was appointed last December following Julie Lander's retirement.

As chief executive of CareSuper during the period prior to the merger of the two funds he will assist with merger activities.

Yet aside from having an unmatched knowledge of the superannuation sector, Dundon has an invaluable skill set and experience with mergers.

Dundon led VicSuper before it merged with First State Super to create Aware Super and stayed on afterwards as an executive consultant to work with the merger team.

More details should emerge closer to the finalisation of the merger.

CareSuper chair Linda Scott and Spirit Super chair Maria Wilton said: "This announcement is an exciting moment for both funds, which share a bold vision to create a national, mid-sized fund that provides a distinct point of difference for our members."

"This merge will offer members a fund that leverages the strengths of each other to deliver great outcomes for members and all stakeholders.

"As member-focused industry super funds, this binding agreement is a critical and positive step forward in serving our members' best financial interests.

"This growth is essential to continue to drive outstanding value and service for our members, cementing the vision both funds have of being a sustainable, mid-sized fund and leaders in member experience and driving strong retirement outcomes," they added.

Jason Murray - who was named chief executive of Spirit Super in February 2022 - was previously a chief of member experience officer at QSuper.

Before that, he ran business transformation at CUA, the credit union.