TWUSUPER and EISS Super are exploring a potential merger, the two super funds said Wednesday.
Though talks have just begun, early signs suggest a merger would be in the interest of both funds' participants, Frank Sandy, CEO of Melbourne-based TWUSUPER, and Alexander Hutchison, CEO of Sydney-based EISS Super, said in a joint news release.
TWUSUPER, whose membership is concentrated in Australia's transport sector, and EISS Super, focused on the country's energy sector, have roughly A$6 billion ($4.6 billion) each in participants retirement assets.
A merger would create a fund "with over A$12 billion in funds under management and approximately 130,000 members across Australia," the news release said.
Greater scale would "deliver cost savings to members," Mr. Sandy said in the news release.