TelstraSuper

The two funds are pressing on with their “merger of equals” after hammering out the new entity’s board and leadership structure, promising complementary capabilities across retirement and advice, as well as fee savings for members.

Equip Super and TelstraSuper will merge to create a $60 billion profit-to-member fund, with Northern Trust a shoo-in for its custody and fund administration needs.

The $27 billion TelstraSuper’s move to back Quinbrook’s Net Zero Power Fund is the latest in a series of climate-related investments that it feels are well-suited for smaller and more agile funds.

The $26 billion TelstraSuper has become the latest corporate super fund to weigh its merger options in the face of increasing competition and scale issues in the rapidly consolidating industry.

Super fund trustees are throwing their full weight behind nation building projects where they feel their funds can get a competitive return, while the Coalition’s competing super for housing policy has been labelled “elitist”.

Industry superannuation has, for the most part, been a roaring success. But it needs to retain its “missionary zeal” if it’s to avoid the same fate that befell the other giants that once dominated the landscape.