The $520 million Combined Fund feels no impetus to merge as a bigger fund may not provide the same quality of service its 10,000 members currently enjoy, says the fund’s independent director Brett Lazarides.

“I’m sure we can survive as we are as members are happy with our service,” says Lazarides who is also chair of the fund’s investment committee.

He says members of the fund have spoken for an hour with the chief executive who administers the Combined Fund.

In the last two years three funds have discussed a merger with Combined Fund.

The proposed mergers have not always been formal or detailed.

“Maybe there could be some added efficiencies but they are not screaming out at you,” says Lazarides, who spoke on the sidelines of the Fiduciary Investors Symposium conference organized by Conexus Financial Ltd., publisher of I&T News.

Over a decade the Combined Fund has had an annual net return of about 4 per cent for its members who work in non-government schools.

“I’m sure we can provide services at low cost,” says Lazarides.

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