Arabic
Chinese (Simplified)
English
French
German
Portuguese
Russian
SpanishAustralian Pension Funds in Talks to Create $78 Billion Giant
Two of Australia’s biggest pension funds are exploring a merger that would create a retirement-savings giant with more than A$110 billion ($78 billion) in assets under management.
First State Super and VicSuper Pty signed a non-binding memorandum of understanding and believe a merger could “deliver significant benefits to members,” according to a statement Thursday. A recommendation to the pair’s respective boards is expected around the middle of the year.
Consolidation in Australia’s A$2.8 trillion pension industry is gathering pace amid growing scrutiny of under-performing funds following a searing inquiry into the nation’s financial services sector and new laws that require boards to consider the best interests of members. KPMG LLP sees the number of super funds that are regulated by the Australian Prudential Regulation Authority halving in the next decade.
Read more @Bloomberg
