QSuper and Sunsuper have announced the signing of a Memorandum of Understanding to enter into a period of exclusive due diligence ahead of a merger.
The two funds announced the agreement today stating that it had been reached following a period of high level discussions and an assessment of both businesses which found “there are sufficient potential benefits to members to proceed with due diligence”.
The statement said any potential combination would be subject to the trustees of each fund determining the agreed structure is in the best interests of members and the appropriate regulatory approvals and passage of enabling legislation.
The two funds signalled their merger intentions late last year.
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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