TelstraSuper and Aware Super are exploring a merger
TelstraSuper and Aware Super have signed of a non-binding Memorandum of Understanding (MOU) to explore a potential merger between the two superannuation funds.
The proposed merger would create a combined profit-to-member fund with approximately $228 billion in funds under management and serve over 1.3 million members.
Both organisations will now undertake a comprehensive due diligence process to ensure the proposed merger is in the best financial interests of their respective members.
“Aware Super is a highly regarded, award-winning fund with the scale to help deliver improved retirement outcomes for members,” Anne-Marie O’Loghlin, Chair of TelstraSuper, said.
“It is expected that the proposed merger will deliver lower fees, an expanded investment menu and a national servicing footprint to help TelstraSuper members further enhance their planning and transition into retirement.”
Christine McLoughlin, Chair of Aware Super said: “We also look forward to welcoming TelstraSuper’s strong corporate employer relationships and specialised capabilities that will significantly accelerate our corporate super offering. Together, we can amplify our strengths to deliver even greater retirement outcomes for our members, with market-leading retirement offerings, truly personalised help and guidance and global investment capabilities.”
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