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.”

The $200 billion AustralianSuper far outweighs Club Plus, which manages the savings about 65,000 members who work in the hospitality and community clubs industry.

 

Sources:

www.moneymanagement.com.au/news/superannuation/australiansuper-and-club-plus-super-merge

www.afr.com/companies/financial-services/australiansuper-to-gobble-up-3b-club-plus-20210513-p57rqb