AustralianSuper and Club Plus Super are in talks to merge after a ‘rigorous process’ of due diligence, creating a $207 billion fund.
According to Club Plus Super, the two firms had signed a memorandum of understanding after identifying AustralianSuper as having “strategic, cultural and operational alignment” to provide the best outcomes for members.
This was echoed by AustralianSuper who said the two firms had an “alignment of values” and were focused on achieving long-term performance.
Club Plus Super chief executive, Stefan Strano, said: “Our declared purpose is to ‘support and enhance the journey of our members to retire on their own terms.’ While most of our members join us at the start of their working lives, we recognise they need support across all stages of life, through careers that may span multiple industries.
“We have been very impressed through this process with the steadfast member-first culture of AustralianSuper.”
Australia’s second largest super fund has added thermal coal companies to its list of investment exclusions.
The fund has expanded its corporate superannuation solutions to partner with Australian businesses of all sizes.
The chief executive of Aware Super anticipates a significant shift in how ESG factors will influence portfolio values in the next six years, surpassing the changes witnessed in the past two decades.
In a recent statement, shadow assistant minister for home ownership and Liberal senator for NSW, Andrew Bragg, accused ‘big super’ of fabricating data attributed to the Reserve Bank of Australia to push their agenda.
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