The two funds entered the due diligence phase to explore a consolidation after signing a memorandum of understanding (MoU) in March.
The merger would result in potentially one of Australia’s largest superannuation funds, with more than $195 million in funds under management.
QSuper reported the timelines to complete due diligence have been extended, as the COVID-19 pandemic has impacted its company and resulted in staff moving to remote working arrangements.
“Due diligence activities regarding our merger with Sunsuper are continuing (although remotely),” the fund stated.
QSuper is instead aiming its primary focus toward continuity of its services to members and to functions such as investments, advice and insurance; having recruited more frontline staff to service members.
The fund reported there is a dedicated project team working on the discussions with Sunsuper, which will be hashing out if the merger is in its members’ best interest.
Sarah Simpkins
Sarah Simpkins is a journalist at Momentum Media, reporting primarily on banking, financial services and wealth.
Prior to joining the team in 2018, Sarah worked in trade media and produced stories for a current affairs program on community radio.
You can contact her on [email protected].
