Following an extensive due diligence process and independent review, UniSuper announced on Monday that it will proceed with a merger with Australian Catholic Superannuation (ACS).
The two funds have inked a heads of agreement to formally merge, kicking off a "thorough planning process" to ensure a smooth transition for ACS members to migrate across to UniSuper.
"Ensuring a smooth and easy transition for ACS members is vitally important. We look forward to welcoming them to UniSuper and helping them to create futures worth retiring for that don’t cost the earth," said UniSuper CEO Peter Chun.
It is anticipated that the merger will be finalised by the end of the year.
"Our fund’s strategy to achieve greater scale is part of our commitment to act in the best financial interests of our members," said ACS CEO Greg Cantor.
"The proposed merger with UniSuper will provide our members access to one of the few funds in Australia with over $100 billion in funds under management and one that is well positioned to help them achieve the retirement outcomes they desire.”
Last year, UniSuper signalled growth ambitions, announcing plans to open its doors to new members from outside of its sector in July.
The plan seems to have yielded results with UniSuper currently boasting investments of around $110 billion.
Maja Garaca Djurdjevic
Maja's career in journalism spans well over a decade across finance, business and politics. Now an experienced editor and reporter across all elements of the financial services sector, prior to joining Momentum Media, Maja reported for several established news outlets in Southeast Europe, scrutinising key processes in post-conflict societies.
