Superannuation administration provider AAS has acquired PSI Superannuation Management.
PSI is the administrator for Nationwide Superannuation Fund (NSF Super), which has about 85,000 members and $430 million in assets under management.
NSF Super is PSI's only client and will now become a client of AAS, a Link Group subsidiary.
The takeover gave PSI the opportunity to leverage off AAS's scale and resources, the super fund said.
"We are looking forward to the benefits of their resources, scale and expertise as we continue to provide exceptional products and services to our members and employers," NSF Super fund secretary Ian Morante said.
The acquisition of PSI does not include PSI Investments, a provider of financial planning and self-managed superannuation services.
"The existing shareholders continue to own PSI Investments, which includes the financial planning and self-managed super fund business," PSI Group chief executive Wayne Lowe told Investor Weekly.
PSI Superannuation Management employs 35 staff, but Lowe said it was unclear whether all roles would be retained.
"We will become part of the AAS Group and we are working through that transition at the present," he said.
Lowe joined PSI Group last year.
Before that, he was chief operating officer for superannuation and investments for ING Australia, and was co-founder and managing director of Oasis Asset Management.
