Energy Super and LGIAsuper enter merger due diligence

Energy Super and LGIAsuper have signed a memorandum of understanding (MOU) to enter into merger discussions that would see the two form a $20 billion fund for 123,000 members.

The due diligence, the funds said, would explore synergies and benefits to members.

LGIAsuper chair, John Smith, said: “LGIAsuper’s strategy over the past three years has been to look for opportunities to achieve the size and scale to continue to deliver excellent financial outcomes and outstanding service for our 75,000 members long into the future.

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“While the process with Energy Super is in the early stages, the areas of alignment are encouraging and warrant further exploration to see if we could better deliver for all members as a combined fund.”

Energy Super chair, Richard Flanagan, said a merger could help create better member outcomes through enhanced services and broader investment opportunities, and competitive fees.

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