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AvSuper and ART in merger talks
AvSuper and Australian Retirement Trust (ART) have agreed to explore a merger, with both signing an memorandum of understanding (MOU).
The announcement followed after AvSuper cancelled its merger with Commonwealth Superannuation Corporation (CSC) due to the current legislative timetable as changes would not have been delivered during 2023.
Michael Sykes, AvSuper chief executive, commented: “The reasons AvSuper first began exploring merger opportunities remain, and we believe a merger is in our members’ best interests”.
“Partnering with ART will deliver added value, in terms of low fees, greater product choice and strong returns for our members,” he added.
The fund confirmed that ART was shortlisted as a potential partner in the interest process 15 months ago, remaining a suitable option for the future merger.
Over the next 12 months, the two funds would begin due diligence activities immediately in the hopes to complete the merger this year.
ART’s merger between Sunsuper and QSuper during 2022 demonstrated the fund’s strong integration capacity. Additionally, the megafund served over 2.2 million Australians with over $240 billion in funds under management (FUM).
“We have a member-first culture and still see the opportunity to deliver a merger as critical to members’ long-term retirement needs,” Sykes continued.
“The MoU will allow a potential merger to be thoroughly assessed by all parties, with the best interests of members being the key deciding factor.
“We will keep our members, staff and partners informed of the next steps, providing regular updates via webinars and newsletters just as we have so far.”
AUTHOR
Jasmine Siljic
Jasmine Siljic is a cadet journalist at Money Management and Super Review. Prior to joining MM and SR, she also worked across other Momentum Media brands as an intern. Jasmine previously completed an internship at Mamamia news. She is currently studying a Bachelor of Media and Communications at Macquarie University.
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