Two funds merge to form Australia’s second-largest pension fund
First State Super and VicSuper said on Tuesday that they have signed a binding deal to merge, creating Australia’s second-largest pension fund as regulatory pressure drives consolidation.
The new superannuation, or retirement, fund would have about A$120 billion (S$115 billion) in assets under management servicing over 1.1 million workers, the nonprofit funds said in a joint statement. AustralianSuper is the largest, managing about A$160 billion.
A merger was a “proactive step for the two funds, and one that’s very much aligned with the growing trend of consolidation across the superannuation industry”, the funds said in a statement.
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