Media Super, the industry superannuation fund that covers the printing and graphic arts sectors, is set to merge with $54 billion building and construction industry fund, Cbus.
A memorandum of understanding has been signed between the two funds and due diligence is set to commence on the joint operation, which once operational in 2021 will represent 800,000 members combined.
Media Super oversees just under $6 billion in retirement savings predominantly in the printing, arts, media and entertainment industries. Cbus is a $54 billion fund primarily for workers in the building, construction and allied sectors. 
Under the joint agreement both funds will retain their own branding but will share investment and administrative functions.
Media Super chair, Gerard Noonan, said the joint arrangement would allow Media Super members to 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,” Noonan said.
“Cbus has a strong offering with 30 per cent of its investments internalised and ownership of its market-leading developer, Cbus Property.
“We believe that the merger will also continue to build on our leading responsible investment approach and have a much stronger voice with the companies with which we engage.”
Cbus Super chairman and former Victorian premier Steve Bracks said Cbus understands the importance of maintaining a strong connection with members.
“For 35 years our fund has had a strong bond with our members,” Bracks said.
“This affinity with our members has built a strong level of trust in the fund. Media Super has a very similar history and connection with their members.
“This is an exciting opportunity for both of our funds and I am very pleased to see this proposal progressing.”
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.
In 2019 Media Super partnered exclusively with ProPrint magazine to create the first ever Emerging 50, an initiative which recognises the rising stars of Australia’s print and graphic arts industries.
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