QSuper and Sunsuper have announced an agreement to merge in a move that will create Australia’s latest mega-fund.
The merger will create a $200 billion superannuation fund serving two million members, and is expected to proceed in September 2021. The CEO of the merged fund will be Bernard Reilly, current CEO of Sunsuper.
“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,” said QSuper chair Don Luke and Sunsuper chair Andrew Fraser.
“The combination of QSuper’s public sector heritage in Queensland and Sunsuper’s national employer base combined with commitment to partnering with external financial advisers will create a diversified and resilient organisation investing on behalf of two million members.”
More to come.