The QSuper superannuation fund has announced it has entered into a Memorandum of Understanding (MoU) with the Commonwealth Bank Group Super Fund to pursue a merger and transfer members and funds under management to the Australian Retirement Trust.
The Australian Retirement Trust (ART) is the superannuation fund formed through the merger of QSuper and Sunsuper.
According to QSuper, the merger could see Group Super’s 67,000 members and $12.3 billion in funds under management transferred to Australian Retirement Trust.
In a statement it said the move was subject to both funds completing due diligence reviews and agreeing on the final terms.
They would also have to meet relevant regulatory requirements with the move deemed to be in the best interest of members of both funds.
“Group Super’s decision to pursue a merger follows Woolworths and Australia Post also choosing the ART as their retirement partner,” the fund said.
“It also comes after we entered into an MoU with AvSuper to potentially merge. The AvSuper MoU was announced just one week before the MoU with Commonwealth Bank Group Super.”
It said if that merger goes ahead, AvSuper would also entrust its 5,300 members and $2 billion in funds under management to the Australian Retirement Trust.
“Now a public offer fund, AvSuper was first established for employees and former employees of Airservices Australia and the Civil Aviation Safety Authority,” the fund said.
Chair of the Australian Retirement Trust, Andrew Fraser said that if the merger with Group Super proceeded, it would mean Group Super members would be able to benefit from the Trust’s global investment capability and strong long-term investment performance.
“Should the merger progress, Group Super members will benefit from our ability to leverage our scale to seek out world-class investment opportunities and deliver enhanced products and services to all our members,” Mr Fraser (pictured) said.
