AustralianSuper has announced it has completed a merger with AGEST Super, boosting the fund to more than two million members and over $60 billion in member funds under management.
AustralianSuper said the transfer of AGEST's $5.1 billion in assets was completed in three days, involving 24 investment options with more than 570 individual lines of investments held in 22 countries.
The merger has resulted in AustralianSuper now setting up a public sector division specifically catering to members employed in that sector.
"The establishment of the public sector division is recognition of the size and strength of that sector," AustralianSuper's general manager, growth, Paul Schroder said. "It also allows us to shape our offer to people working in these areas, particularly in the area of insurance."
AustralianSuper said it has also reduced pension fees for "almost all" members in the pension division as a result of the increased scale brought by AGEST's pension members.
"At $1.50 per week and [with] an asset fee of 0.11 per cent, capped at $750 a year, administration fees for AustralianSuper's pension members are almost 70 per cent cheaper than the industry average," the fund stated.
"Around seven per cent of the total assets of AustralianSuper are in the pension division and it's growing," Mr Schroder said.
The fund said it has also introduced daily investment switching for all members. Changes submitted via the secure online member portal prior to 4pm on any business day are implemented by the next business day.
