Interiew Transcript with Michael Dundon, Chief Executive Officer of                             ESS Super               Me...
important, but probably, the major thing for assessing a partner would be the quality ofthe culture itself of the organisa...
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Interview Transcript with Michael Dundon CEO of ESS Super

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In this Interview Transcript with Michael Dundon CEO of ESS Super, he discusses his views on the industry as a whole and the possible impact of the Cooper and Henry Review. He also talks about how merging funds can maximise member resilience throughout a merger process.

Michael Dundon is speaking at Finance IQ's Merger & Acquisitions Super Funds conference. For more information about this event, please visit www.superfundma.com.au or call 02 9229 1000. Or you can email enquire@iqpc.com.au
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Interview Transcript with Michael Dundon CEO of ESS Super

  1. 1. Interiew Transcript with Michael Dundon, Chief Executive Officer of ESS Super Mergers & Acquisitions for SuperFunds 2011 www.SuperfundMA.com.au 20 - 21 July, 2011, Amora Hotel Jamison, Sydney, New South WalesFinance IQ:How do you view the current superannuation industry and the impact of the Cooper andHenry review?Michael DundonI think it’s a very interesting period right now. Although we’re waiting for legislativechange to take effect, I think we’ve actually seen considerable change in the industry inthe last 18 months to 2 years with a number of funds considering mergers and somealready have taken place and others are scheduled, as well as some very interestinglow product offerings emerging with considerable offers that are much more appealingto the membership in terms of fees and charges.Finance IQ:What do you see as most important criteria for funds to finance suitable merger partner,after all this seems to be the route that everyone else is going?Michael DundonI think it very much depends upon the needs and the funds that is merging, but clearly,a lot of them are doing it for reasons of growth and sustainability, so looking for apartner fund that has a good growth outlooks that may have young membership, gooddistribution in place and an ongoing inflow of both members and contributions would be 1
  2. 2. important, but probably, the major thing for assessing a partner would be the quality ofthe culture itself of the organisation, so does its values and objectives line up with thosethat are considering to merge with them.Finance IQ:How can merging funds maximise member responsiveness and resilience throughout amerger process? And how can continuity of member services be maintained whilstmerging?Michael DundonI think there is a risk from many funds that the process of merging becomes a majordistraction in the organisation as it ties up a lot of valuable management time, so it’svery important to appropriately resource your merger process and your mergerintegration so that the business as usual can continue on and it’s also very important toquickly rationalise product offerings, processes, and systems so that there is minimaldisturbance to the membership.Finance IQ:How do you see the future of superannuation industry in Australia shaping up?Michael DundonWell, certainly, I think they’re going to be rationalisation of the number of participants.That is the number of funds in the industry over the next few years, but obviously, thegrowth outlook through is every strong in terms of contribution growth for funds, but wewill see very much of a transition towards low-cost offerings where most funds will haveto be very, very competitive to offer my Super product or to offer something that mimicssome my Super product, so we’ll continue to see significant rationalisation of industryparticipants and a very big train towards perhaps the strength of retail funds and havinga low cost offering and being able to wrap a range of services and products around thatmembership engagement together with industry funds and our smaller participantsperhaps having to rely upon the relationship with the membership and the distributionthat they have.Michael Dundon Chief Executive Officer, ESS Super will be presenting at the M&ASuperfunds 2011. For more information about this event, please visitwww.SuperfundMA.com.au or email at enquire@iqpc.com.au.Don’t forget you can also add us on Twitter @iqpc_australia. 2

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