Cbus Super Expands With Another Merger
Posted on 05/17/2023
Cbus Super, which was formed as the Building Unions Superannuation Scheme in 1984, was created by workers and had more than 875,000 members while managing US$ 73 billion. Average annual returns have achieved 8.88%. Per Cbus: “Cbus is unique in that we invest back into the industries that our members work in through our wholly-owned subsidiary, Cbus Property. We create jobs for our members and new business opportunities for our employers. Two recent examples are major renewable projects, Bright Energy Investments and Star of the South, Australia’s first offshore wind project.”
Cbus Super operates out of Melbourne. It has announced that it has now completed its merger with Energy Industries Superannuation Scheme from Sydney. The merger creates a US$ 54 billion fund that serves 900,000 members in all. It is Cbus’ second merger in the past 13 months. It combined with the A$10 billion Media Super in April of last year.
The merger will result in the ouster of top talent. Cbus Chair Wayne Swan said: “We thank everyone at EISS Super including former Chair Peter Tighe and former CEO Lance Foster for their work to achieve this great outcome for their members.” Cbus CEO Justin Arter is also walking away, leaving CIO Kristian Fok to operate Cbus.