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QSuper and Sunsuper complete merger to create $230b fund
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.
AUTHOR
Laura Dew
Laura Dew is editor at Super Review. Prior to joining SR, she spent five years working at Investment Week in the UK covering asset and wealth management.
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