First State Super has entered into a binding agreement with State Super to acquire the financial planning network StatePlus.
The transaction is anticipated to be completed in June 2016, according to a statement by First State Super.
Commenting on the acquisition, First State Super CEO Michael Dwyer said: "We're investing to provide our members with an even stronger financial future. As a result of the acquisition, we plan to bring together First State Super Financial Services and StatePlus. Together, we will create a financial advice service that builds on the strengths of both organisations. We will leverage our increased scale to maximise retirement income for our members."
According to the statement, the combination of First State Super Financial Services and StatePlus will create one of the country's leading financial advice businesses with more than $21 billion in retirement funds and over 200 financial planners located in metropolitan and regional centres throughout Australia.
StatePlus, formerly State Super Financial Services, was established in 1990 by the SAS Trustee Corporation (STC) to provide financial advice to public sector employees and their families.
"StatePlus has client-centric values, and industry-leading client satisfaction. There is a clear alignment of values between our two organisations, and growth opportunities. StatePlus is well positioned for growth having successfully executed on a strategy to transform the business and become digitally enabled while continuing to deliver exceptional service," StatePlus managing director Michael Monaghan said.
"As we undergo this ownership transition we remain focused on the clients who rely on us, delivering high quality advice and service, as usual."
Mr Dwyer added that it would be " business as usual" for both operations.
"First State Super Financial Services and StatePlus will continue to operate as separate and distinct businesses while we develop our plans for the future," he said. "We want to fully understand the unique opportunities that this acquisition presents for both organisations and the members and clients we serve."
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