Western Australian superannuation funds, WA Super and Concept One, have successfully completed a merger that has been on foot for some time.
The completion of the agreement saw Concept One merge into WA Super, with the resulting combined entity having $3.4 billion in funds under management and 60,000 members.
WA Super said that the merger would give its own members the benefit of increased economies of scale, while Concept One members would gain access to an expanded suite of services, advice, investment options and lower fees.
Chief executive of WA Super, Fabian Ross, had been leading the fund for just over a year, and had already signalled that he plans to continue growing the fund.
“I joined WA Super with the intention of growing and developing the business, whilst helping members achieve their retirement dreams … [and] with mergers come opportunities for growth,” he said.
