Club Plus Super has completed its merger with AustralianSuper.
Club Plus Super members would be automatically transferred into AustralianSuper from 1 December, 2021.
The merger was first announced in May with Australian Super being identified as having an “alignment of values” with Club Plus Super, which was formed in 1987 and had 65,000 members.
Writing on LinkedIn, Club Plus Super chief executive, Stefan Strano, said: “It's a momentous occasion and I want to thank everyone who has worked so hard, guided throughout by the best interests of our members, to make this all come together in such a timely way”.
AustralianSuper was Australia’s largest superannuation fund with over $200 billion in funds under management.
This was the latest in a series of superannuation mergers with Aware Super completing its merger with VISSF and Hostplus finalising its merger with Intrust Super.
Michael Lovett, who left the investment firm just three months after launching its Vanguard Super offering, has taken up a chief executive role at an Australian asset manager.
The Central Bank of Ireland has granted the approval of Equity Trustees’ exit from its Irish operations, with the transaction expected to be complete on 30 April.
Super returns continued to climb in March, raising hopes of delivering double-digit returns by June depending on the performance of this next quarter.
The dedicated super fund for emergency services and Victorian government employees is under fire for unpaid entitlements to transport employees, which could exceed $40 million.
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