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(Bloomberg) Two of Australia’s largest pension funds moved a step closer to creating a A$200 billion ($155 billion) giant as the world’s fourth-biggest pension pot consolidates.QSuper and Sunsuper Pty. have signed a deal to merge, the two funds said in a joint statement Monday. The Brisbane-based funds will combine by September to create the country’s second-largest pension fund.“This historic agreement will pave the way for the creation of an unquestionably strong superannuation fund with the scale to deliver outstanding services, greater efficiencies and lower costs for members,” according to the statement.Australia’s A$3 trillion pension industry is consolidating amid increased scrutiny of under-performing funds and growing pressure to cut fees and boost returns. Tasplan and MTAA Super will combine into a A$23 billion fund by the end of this month, while Construction & Building Unions Superannuation and Media Super will merge by year& ....
QSuper and Sunsuper Pty. have signed a deal to merge. Both superannuation funds are based in Brisbane. The merger would create a A$ 200 billion investor giant. The funds plan to merge by September 2021. Sunsuper chief executive Bernard Reilly will lead the merged fund as CEO. The combined entity’s board will be headed by […] ....