If approved, the transaction will see Link Group provide ongoing fund administration services for the five shareholder funds, which include AustralianSuper, Cbus, Hesta, MTAA Super and Hostplus.
Each fund will negotiate service agreements with Link Group.
The announcement follows reports by Business Insider of an IT project undertaken by Superpartners going $180 million over budget and four years over schedule.
Superpartners also recorded a $7.4 million loss on revenue in the 2013 financial year.
A public communication released by AustralianSuper said Link Group was chosen as the preferred bidder after a comprehensive process in which shareholders considered a number of proposals.
The industry super fund said Link Group’s proposal “offers each of the shareholder funds ongoing cost efficiencies and scalability to support future fund growth”.
Link Group managing director John McMurtrie said it was an exciting development for the group since it will enable greater efficiencies and benefits of scale for all its superannuation clients.
“The proposed deal will allow the incoming super funds to focus on serving their members, while Link provides administration services that are agile and scalable to meet the evolving needs of the funds and their members.”
