Keeping pace with M&A activity

With J.P. Morgan forecasting superannuation funds could fall to less than 75, Super Review has collated the latest M&A activity in the space.

Last week, the asset manager said it believed the total number of super funds could fall to less than 75 by 2025 as merger activity was expected to accelerate going forward.

The biggest merger in the last six months had been between QSuper and Sunsuper, now known as Australian Retirement Trust, which was only completed last month and created a fund with $230 billion in assets under management.

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It had since been announced Australian Retirement Trust would also merge with the $8 billion Australia Post Superannuation Scheme, a merger that had been previously been planned with Sunsuper.

Hospitality-focused super fund Hostplus was particularly active in the merger space; having completed a merger with Intrust Super in November 2021, was in the process of merging with Statewide Super and signed a memorandum of understanding (MoU) with Maritime Super.

Australian Super also completed a merger with Club Plus Super while Aware Super completed one with the Victorian Independent Schools Superannuation Fund (VISSF), both taking place in December.

Australian Super had also signed a heads of agreement with LUCRF Super which was expected to be finalised towards the end of the financial year.

Looking at future mergers, EISS Super signed an MoU with Cbus after an initial merger with TWU Super fell apart in October after ‘extensive due diligence’ and UniSuper signed an MoU with Australian Catholic Superannuation.

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