QSuper has completed its merger with Sunsuper to create a combined fund with more than $230 billion in funds under management.
Now known as Australian Retirement Trust, it would have over two million members and 2,500 employees.
Chief executive, Bernard Reilly, said: “Since the signing of a Heads of Agreement in March last year we’ve worked hard to bring our two strong super funds together.
“In that time, we’ve appointed our board and executive team, worked through a range of legal and regulatory approvals to make the merger possible, developed and announced a new brand for the Fund, and commenced the cultural integration of our two teams.
“As the second largest super fund in the industry, we’ll leverage our size and scale to seek out world-class investment opportunities for our members and deliver enhanced products and services and lower fees.”
Following the merger, fixed weekly administration fees would be cut from $1.50 to $1.20 per week for Super Saver members and from 0.16% to 0.15% for Australian Retirement Trust QSuper account members, subject to approval.
It said it would continue to integrate the two fund’s investment portfolios and technology over the next two years.
The fund has achieved double-digit returns amid market volatility, reinforcing the value of long-term investment strategies for its members.
Australian super funds notched a third consecutive year of strong returns, with the median balanced option delivering an estimated 10.1 per cent over the 2024-25 financial year, but an economist has warned that the rally may be harder to sustain as key risks gather pace.
AustralianSuper has reported a 9.52 per cent return for its Balanced super option for the 2024–25 financial year, as markets delivered another year of strong performance despite the complex investing environment.
The profit-to-member super fund’s MySuper default option has returned 9.85 per cent for the financial year 2024–25.