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.
“It's a momentous occasion and I want to thank everyone who has worked so hard, guided throughout by the best interests of our members, to make this all come together in such a timely way,” Mr Strano said.
A memorandum of understanding between the parties was signed back in May, which would see Club Plus Super’s $3 billion in managed assets merge with AustralianSuper’s $200 billion.
Club Plus Super has around 60,000 members, in contrast to the 2.4 million signed up with AustralianSuper.
“Members of the two funds have many similarities coming from a wide range of workplaces and being focused on the delivery of strong long-term performance,” AustralianSuper’s then-chief executive Ian Silk said.
“This is a great opportunity for our two funds to get to know each other better as we work through the due diligence period.”
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