Cbus and Media Super have agreed to move to the next stage of their merger process with the integration of investment, administration and operations.
The two funds jointly announced the move to the next stage with a view to finishing the process by the end of next year, with both funds retaining their separate brands.
The merger will result in a fund managing approximately $60 billion on behalf of 840,000 members.
Announcing that the due diligence process had opened the way to the next stage in the merger process, Cbus Super chair, Steve Bracks said the process had provided an independent assessment that the merger was in the best interests of members.
Media Super chair, Susan Heaney said there would be no change to Media Super’s core focus on the printing, entertainment, arts and media industry.
“As part of a larger fund, our members will benefit from the cost benefits of increased scale, access to new opportunities in investments and ever-improving products and services,” she said.