AustralianSuper and LUCRF Super aim to finalise the merger by the end of the 2021/22 financial year, according to an announcement.
Both industry superannuation fund boards had approved a heads of agreement as the two funds continued advanced discussions. This followed due diligence completed by both funds.
LUCRF Super chief executive, Charlie Donnelly, said: “A successfully completed merger with AustralianSuper will provide LUCRF Super members with market leading capabilities that will provide high performing investment products and quality services”.
Also commenting, AustralianSuper chief executive, Paul Schroder, said the fund remained focused on helping members to achieve their best financial position in retirement.
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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