Australia: QSuper and Sunsuper in merger talks

QSuper and Sunsuper are in early-stage discussions to merge and form the country’s largest pension manager, as regulatory pressure drives consolidation in the industry, known locally as superannuation.

A merger would create a fund managing over $183 billion in assets, based on their respective investment books, surpassing the $160 billion managed by AustralianSuper, currently the country’s largest fund.

In a statement late on Monday, the two funds said they were “engaged in preliminary, non-binding discussions about a possible partnership.”

The end-goal of the talks was to merge, a person with knowledge of the matter said.

Any decision to move beyond preliminary discussions would depend on many factors, QSuper Chairman Karl Morris and Sunsuper Chairman Andrew Fraser said in the statement, without elaborating.

Full Content: Sidney Morning Herald

Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.