A new “big eight” of superannuation funds will dominate the $3.5 trillion retirement savings system with a lobby group dominated by Labor heavyweights.
said that although “the proposed merged is still pondering exactly how it will be led”, its leadership and board would be “very important” positions as the sector broadened its advocacy in Canberra.
Mr Weaven was assistant secretary of the ACTU under Bill Kelty and was the founding chairman of Industry Fund Services and IFM Investors.He said ISA had been very effective in fighting Coalition attacks on super but given there had been so much fund consolidation and there were fewer sponsorship dollars, it made sense to merge with the AIST.
Most of the big eight are located close to each other in neighbouring buildings in the east of Melbourne’s CBD, which has become a hotspot of power as their sway over Australian markets grows. The standalone ISA will still run this campaign, which accounts for the lion’s share of the group’s spending, while the former arm will be absorbed by the new entity.
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