The merger of QSuper and Sunsuper is to proceed resulting in Australia’s largest superannuation fund.
The boards of QSuper and Sunsuper announced today they had signed a heads of agreement which will see the creation of a $200 billion merged entity servicing two million members.
In a joint statement, QSuper chair, Don Luke and Sunsuper chair, Andrew Fraser, said the merged fund will be headquartered in Brisbane and the merger will proceed in September this year.
The chair of the merged fund will be Don Luke and the board will be formed from the existing boards.
The chief executive will be Bernard Reilly who is currently chief executive of Sunsuper.
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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