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.
Future Group is set to take on nearly $1 billion in funds under management (FUM) and welcome more than 100,000 new members following two significant successor fund transfers.
Insignia’s Master Trust business suffered a 1.9 per cent dip in FUA in the third quarter, amid total net outflows of $1.8 billion.
While the Liberal senator has accused super funds of locking everyday Australians out of the housing market, industry advocates say the Coalition’s policy would only push home ownership further out of reach.
Australia’s largest superannuation fund has confirmed all members who had funds stolen during the recent cyber fraud crime have been reimbursed.