Hostplus confirmed the news on Friday (18 February), which comes after Maritime Super had been looking into potential merger partners.

In April last year, the two funds entered a “strategic outsourcing arrangement” that saw Maritime move the management of its investment assets to Hostplus’ pooled superannuation trust.

It is anticipated that, following due diligence, a transition plan will be prepared and the merger will take effect in early 2023.

“We’re delighted to be extending our strategic investment relationship with Maritime Super to now work towards a merger of our funds,” Hostplus chief executive David Elia said.

Peter Robertson, Maritime Super’s CEO, added: “We see our already established relationship and the fundamental alignment between our funds – from our similar industry fund values to our dedication and passion for our members, employers, staff and stakeholders – as providing an excellent foundation for a successful merger partnership.”