The StatewideSuper and Local Super have signed an agreement to merge, Global Pensions reports. The $1.75 billion Local Super will transfer its assets into the $2.5 billion StatewideSuper. The new board will consist of 11 members, with equal representation from the employer and employee sides, along with an independent chairperson. JANA presently serves as investment consultant and MetLife as insurer to both the funds. NAB Asset Servicing is the custodian for StatewideSuper, while JP Morgan manages Local Super.
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