QSuper has completed its merger with Sunsuper to create a combined fund with more than $230 billion in funds under management.
Now known as Australian Retirement Trust, it would have over two million members and 2,500 employees.
Chief executive, Bernard Reilly, said: “Since the signing of a Heads of Agreement in March last year we’ve worked hard to bring our two strong super funds together.
“In that time, we’ve appointed our board and executive team, worked through a range of legal and regulatory approvals to make the merger possible, developed and announced a new brand for the Fund, and commenced the cultural integration of our two teams.
“As the second largest super fund in the industry, we’ll leverage our size and scale to seek out world-class investment opportunities for our members and deliver enhanced products and services and lower fees.”
Following the merger, fixed weekly administration fees would be cut from $1.50 to $1.20 per week for Super Saver members and from 0.16% to 0.15% for Australian Retirement Trust QSuper account members, subject to approval.
It said it would continue to integrate the two fund’s investment portfolios and technology over the next two years.
The central bank has announced its latest rate decision amid stubborn inflation and increasing geopolitical tension.
Aware Super has outlined its systematic approach to corporate engagement as institutional investors increasingly assert their influence on company boards and take on an active stewardship role.
The country’s second-largest super fund has completed its fourth SFT this past financial year and welcomes almost 5,000 new members.
The corporate fund has announced it is seeking a suitable merger partner as the number of corporate super funds in Australia continues to dwindle.
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