UniSuper and Australian Catholic Superannuation (ACS) are exploring a potential merger and have signed a memorandum of understanding.
Both funds had commenced due diligence to fully understand the potential benefits for members of any potential merger activity.
A heads of agreement was not expected until the second quarter of 2022.
UniSuper chair, Ian Martin, said UniSuper did not aim to be the biggest fund but the best by exceeding members expectations and providing exceptional retirement outcomes.
“UniSuper is one of a small number of funds that already has more than $100 billion in funds under management. We will continue to grow sensibly using strong member outcomes as the key focus behind our decisions,” he said.
ACS chair, David Hutton, said: “The fund has always pursued its strategy to achieve greater scale as part of our commitment to working in the best interests of our members.
“A merger with UniSuper provides our members with a niche fund and scale, well positioned to continue to secure the financial futures of our members.”