The proposed merger would take effect later in 2013, following completion of due diligence. AustralianSuper said the merger would help it to expand its presence in Queensland.
The move reflects a “strong alignment between the funds' respective philosophies and their shared goal to provide the best possible retirement outcomes for members”, the funds said in a joint statement.
AUST(Q) chair Bob Henricks said the merger is about looking to the future for its members and their long-term best interests, citing growing competitive pressure and increasing demands on the super fund industry.
AustralianSuper chief executive Ian Silk said following the merger, AustralianSuper will have more than 260,000 Queenslanders in the fund.
“We will be looking to strengthen this presence further so that we can continue to offer improved services to Queensland members from our Brisbane office,” he said.
