Industry funds Equipsuper and Vision Super have announced their intention to merge in 2013.
The two funds, rumoured to have been in talks for some time, confirmed the move today saying a merged entity would boast over $8 billion in funds under management and a membership of more than 150,000.
The merger proposal is subject to a range of conditions and regulatory requirements.
A joint announcement said that once necessary licensing requirements are completed, the two funds would focus on pooling their investments in a pooled superannuation trust within a newly formed company, Pooled Super Pty Ltd.
Vision Super’s chief executive, Rob Brooks, and Equipsuper’s chief investment officer, Michael Strachan, would fill the roles of chief executive and chief investment officer of Pooled Super.
