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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:

AustralianSuper signals merger 13 May 2021 AustralianSuper has indicated talks of a potential merger with Club Plus Super, after the pair signed a memorandum of understanding. The potential amalgamation would marry Club Plus Super’s $3 billion in managed assets with AustralianSuper’s $200 billion.  A hospitality and community club industry fund, Club Plus Super has around 60,000 members, in contrast to the 2.4 million signed up with AustralianSuper. Advertisement "); googletag.cmd.push(function() { googletag.display('div-gpt-ad-1606...

AustralianSuper and Club Plus Super are in talks to merge after a ‘rigorous process’ of due diligence, creating a $207 billion fund.

AustralianSuper, Club Plus Super explore potential merger Bigstock Melbourne-based AustralianSuper and Sydney-based Club Plus Super agreed to work toward a potential merger, the funds said Thursday. Exploring the benefits of a merger is in the best interests of Club Plus Super's participants, with the A$210 billion ($162 billion) AustralianSuper emerging from a "rigorous process" as the choice to provide the best financial outcomes for them, Stefan Strano, chief executive of Club Plus Super, said in a joint news release. An AustralianSuper spokesman said there are no timelines for coming to a...