LGIAsuper and Energy Super finalised its merger today to create a $22 billion fund with 120,000 members.
The Queensland-based fund said in an announcement that the merger would offer increased size, scale, and reduced costs for members.
LGIAsuper chief executive, and head of the combined fund, Kate Farrar, said the fund also planned to acquire Suncorp’s superannuation business Suncorp Portfolio Services in the first half of 2022.
The two transactions would create a combined fund size of $28 billion under management and about 250,000 members.
“In a rapidly changing superannuation sector, we need to remain agile and responsive to ensure the best outcomes for members. I believe we have done that today,” Farrar said.
“The successful transition of our two organisations into one fund today, with a single MySuper product, is a credit to our staff and partners within both organisations.
“Both organisations brought similar strengths and a strong commitment to members to this partnership.”
The two entities would continue to operate under their existing brands for the time being, with call centres, workplace visits, access to advice and personal services remaining the same.