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Australia’s biggest super fund has completed a merger with Club Plus Super. Club Plus Super CEO Stefan Strano confirmed in a Linkedin post this week that the merger was completed on Wednesday. “

Club Plus Super has completed its merger with AustralianSuper to create a $207 billion fund.

Australia’s largest superannuation fund AustralianSuper and Club Plus Super are exploring a combination to form an even bigger fund with A$203 billion (US$156.31 billion) of assets. It’s the latest merger plan in an industry with more than 185 funds of varying sizes and A$3.04 trillion of total assets as of December 2020, serving around 15 million members, according to data from the Association of Superannuation Funds of Australia (ASFA). Many of the funds are looking to merge to cut costs, especially in the wake of the coronavirus pandemic. ASFA says around two-thirds of funds incurred a...

Print AustralianSuper and Club Plus Super are in talks to merge after a ‘rigorous process’ of due diligence, creating a $207 billion fund.  According to Club Plus Super, the two firms had signed a memorandum of understanding after identifying AustralianSuper as having “strategic, cultural and operational alignment” to provide the best outcomes for members.   This was echoed by AustralianSuper who said the two firms had an “alignment of values” and were focused on achieving long-term performance.  Related News: