AustralianSuper and Club Plus Super to merge
AustralianSuper and Club Plus Super are in talks to merge after a ‘rigorous process’ of due diligence, creating a $207 billion fund.
According to Club Plus Super, the two firms had signed a memorandum of understanding after identifying AustralianSuper as having “strategic, cultural and operational alignment” to provide the best outcomes for members.
This was echoed by AustralianSuper who said the two firms had an “alignment of values” and were focused on achieving long-term performance.
Club Plus Super chief executive, Stefan Strano, said: “Our declared purpose is to ‘support and enhance the journey of our members to retire on their own terms.’ While most of our members join us at the start of their working lives, we recognise they need support across all stages of life, through careers that may span multiple industries.
“We have been very impressed through this process with the steadfast member-first culture of AustralianSuper.”
AUTHOR
Laura Dew
Recommended for you
The financial services technology firm has officially launched its digital advice and education solution for superannuation funds and other industry players.
The ETF provider has flagged a number of developments as it formally enters the superannuation space through a major acquisition.
While all MySuper products successfully passed the latest performance test, trustee-directed products encountered difficulties.
Iress has appointed Insignia Financial’s former general manager of master trust and insurance products as its newest CEO of superannuation, who will take over from Paul Giles.
