Hospitality industry fund Hostplus and maritime industry fund Maritime Super have today signed a successor fund transfer (SFT) deed to formalise the progression of a merger between the two funds.

The SFT deed will allow Maritime Super to transfer their members to Hostplus and bring Maritime Super’s investments, which are already managed by Hostplus, into the broader Hostplus portfolio.

As part of the merger Hostplus will retain and administer a number of grandfathered defined benefit products held by Maritime Super members.

Maritime Super staff are expected to be offered employment with either Hostplus or its fund administrator, Link Group.

The SFT is expected to take place in September 2023.