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QSuper and Sunsuper Merge to Create Australia’s Largest Retirement Fund
QSuper and Sunsuper have agreed to merge, after 15 months of negotiations, to become a single superannuation fund, making it Australia’s largest.
The move, announced on March 15, aims to integrate the two top-performing funds into a new entity with two million members and $200 billion in assets.
QSuper Chair Don Luke and Sunsuper Chair Andrew Fraser said the agreement would pave the way to create “an organisation of world-class capability” with the scale to deliver “outstanding services, greater efficiencies, and lower costs for members.”
“The combination of QSuper’s public sector heritage in Queensland and Sunsuper’s national employer base, combined with a commitment to partnering with external financial advisers, will create a diversified and resilient organisation investing on behalf of 2 million members,” the two entities said in a joint statement (pdf).
Australia’s Second Largest Pension Fund Shelves Plan to Increase China Engagement
Australia’s second-largest superannuation fund, Aware Super, will no longer consider China as an investment destination in its upcoming overseas expansion due to concerns over its behaviour and market efficiency in the country.
Aware Super runs a $140 billion (US$109 billion) fund and is currently on track to grow the assets under its management to $200-300 billion (US$156-230 billion).
Aware Super’s Chief Investment Officer Damian Graham announced the news at a Bloomberg Inside Track webinar on Feb. 8 after noting that China’s authorities and markets have fallen short of the company’s expectations and pose a significant risk to minority shareholders.
Australia s Milestone Group launches Asia-Pacific institutional asset solution
Milestone Group, the global investment fintech firm, best known for digital innovation in fund processing and NAV oversight, today announced the launch of its institutional asset allocation solution tailored for the Asia-Pacific region (APAC).
This provides asset allocators in the region, such as Australian Superannuation Funds, Sovereign Pension funds, Life Companies, Implemented Investment and Wealth Management providers with access to a comprehensive and efficient tailored cloud solution.
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This move demonstrates the Milestone Group s commitment to bring its global capabilities to all markets, with proven recent experience servicing large asset allocators, including insurance companies and outsourced CIOs in EMEA and North America.