Industry superannuation fund Sunsuper is set to acquire the former Citistreet Australian group, now known as CSA Retirement Services.
The acquisition represents an opportunity for the firm to extract greater synergies from the two businesses, for the ultimate benefit of members, Sunsuper chief executive Tony Lally said.
"The driving forces behind this acquisition are to secure our future, improve efficiencies and gain greater control over every aspect of the member experience," Lally said.
"Of course, as a profit-for-members fund, the savings we make from bringing the businesses under the same umbrella will be reinvested in services to ultimately benefit our members."
CSA Retirement Services has provided administration services to Sunsuper for the past eight years and, once the acquisition is finalised, will become a wholly-owned subsidiary of Sunsuper.
Under the terms of the agreement, CSA Retirement Services will continue to service its other clients as per existing contractual arrangements.
Sunsuper is an independent, multi-industry superannuation fund.
