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.”
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.
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