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.
Australia’s second-largest super fund has confirmed it is expanding its presence in the UK following significant investment in the region.
A member of the super fund has approached ASIC to investigate potentially misleading or deceptive representations by UniSuper regarding the holdings of its sustainable portfolios.
The median growth fund delivered 1.9 per cent in March, adding to the “stunning” rally that has seen super funds gain 11 per cent since November.
Vanguard has affirmed its support for the current super performance test, emphasising the importance of keeping the process straightforward.
Add new comment