Australian Retirement Trust, Brisbane, one of Australia's largest superannuation funds, has grown even larger after completing a successor fund transfer with supermarket company Woolworths Group and hospitality and alcoholic beverage retail firm Endeavour Group.
Following the fund transfer, ART now has more than A$260 billion ($168.9 billion) under administration for over 2.3 million superannuation members, according to a statement issued by ART on Tuesday.
The completion of the SFT means that ART will manage the superannuation funds of the two companies, adding A$4.3 billion and 25,000 new members to ART's total pool of assets.
The fund recently completed the transfer of A$8 billion in superannuation benefits from the Australia Post, and is in the process of merging with three other superannuation funds, namely Commonwealth Bank Group Super, AvSuper and AlcoaSuper.
These mergers are expected to be completed during the financial year, which ends in June, and will add another A$16.3 billion to ART's funds under management, the statement said.
"The Woolworths and Endeavour transition comes during a strong growth period for ART, which includes the launch of a new brand Australia-wide. It's exciting to see how our new name and brand is creating momentum and attracting both members and employers," said ART's chief commercial officer, Dave Woodall, in the statement.
ART was the product of a merger between Sunsuper and QSuper early last year and has since added A$40 billion in assets to its portfolio. By June 30, 2024, ART expects to have another A$40 billion of inflows, Mr. Woodall said.
Spokeswomen at ART did not immediately respond to a request for more information.
