AustralianSuper, Australia's largest industry superannuation fund with more than A$62 billion (US$58.7 billion) in assets, and AUST(Q), an industry fund with A$204 million in assets, have agreed to merge, according to a joint news release Tuesday from the two funds.
In the release, Bob Henricks, chairman of Brisbane-based AUST(Q), said growing competitive pressures and increasing demands on Australia's super fund industry showed it was in the fund members' best interests to be served by “a larger fund such as AustralianSuper,” capable of providing a broader range of products and services at lower costs.
The merger will take place later this year after completion of a due diligence process.
AUST(Q) was established in 1985 as a superannuation fund provider for people in Queensland working in the construction, engineering, maintenance and allied industries.