The boards of Sunsuper and Kinetic Super have confirmed their decision to merge after entering talks in April 2017.
Kinetic Super and $40 billion fund Sunsuper have signed a successor fund transfer deed authorising a merger between the two funds, following due diligence that began in April 2017.
The merged entity will have more than $45 billion in funds under management and 1.3 million members.
Kinetic Super chairman Frank Gullone said, "We are thrilled to have decided to progress to a merger with Sunsuper. The comprehensive due diligence process has clearly demonstrated that a merger between the funds will be in the best interests of all members, delivering a reduction in fees whilst also enhancing the products and services available."
Sunsuper chairman Ben Swan said, "The cultural synergies between both funds have certainly enabled us to successfully come together to complete the due diligence phase.
"As we start to shift gear and plan for transition over the next 12 months, both funds will work together in partnership to deliver the best outcome to members and employers."
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