Two of Australia’s largest superannuation funds have now completed their merger, bringing together more than two million members and creating a $230 billion fund manager called Australian Retirement Trust (ART).
Finalised today, the merger of QSuper and Sunsuper means ART is now the second-largest super fund in the country, expanding the former’s horizons beyond its Queensland-centric customer base with more than 25 per cent of ART’s members based outside of the Sunshine State.
ART CEO Bernard Reilly said today was exciting for the merged fund’s members, customers and team.
“Since the signing of a Heads of Agreement in March last year we’ve worked hard to bring our two strong super funds together,” Reilly said.
“In that time, we’ve appointed our Board and Executive Team, worked through a range of legal and regulatory approvals to make the merger possible, developed and announced a new brand for the Fund, and commenced the cultural integration of our two teams.
“Finalising the largest ever merger in the superannuation industry, while each fund has continued to grow and serve its members, is truly a testament to Australian Retirement Trust’s more than 2,500 employees and their unwavering focus on acting in our members’ best interests.”
The combination has been described by ART as a “merger of equals”, bringing Sunsuper (the fifth largest fund by funds under management (FUM) and third largest by members) together with QSuper (the third largest fund by FUM and 13th largest by member numbers).
“As the second largest super fund in the industry, we’ll leverage our size and scale to seek out world-class investment opportunities for our members and deliver enhanced products and services and lower fees,” Reilly said.
“Australian Retirement Trust will be a force for good to make our members’ world better, guiding them to and through retirement to ensure they’re secure, confident and protected. We’re open to and inclusive of all Australians, no matter where they live or what industry they work in; and as a super fund that works for members, not shareholders, our members can trust that we’ll always work in their best interests.
“Over the next two years, we will also continue to fully integrate the two funds, including our investment portfolios and technology platforms.”
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