The potential amalgamation would marry Club Plus Super’s $3 billion in managed assets with AustralianSuper’s $200 billion.
A hospitality and community club industry fund, Club Plus Super has around 60,000 members, in contrast to the 2.4 million signed up with AustralianSuper.
The two funds are set to commence a period of due diligence after signing the MOU, which the regulators have been briefed on.
Club Plus Super reported its board had identified AustralianSuper as having the best strategic, cultural and operational alignment.
Likewise, AustralianSuper chief executive Ian Silk commented the initial discussions between the two parties showed an overlap of values.
“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,” Mr 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.”
Club Plus Super CEO Stefan Strano added exploring the benefits of a merger was in the best interests of the fund’s members.
Sarah Simpkins
Sarah Simpkins is a journalist at Momentum Media, reporting primarily on banking, financial services and wealth.
Prior to joining the team in 2018, Sarah worked in trade media and produced stories for a current affairs program on community radio.
You can contact her on [email protected].
