Australia's CareSuper and Spirit Super will merge to create a roughly A$45 billion ($29.9 billion) superannuation fund, the plans said in a joint statement.
Jason Murray was appointed CEO of the combined super fund. Mr. Murray is CEO of Spirit Super.
Melbourne-based CareSuper, which has about A$20 billion in assets, and Hobart-based Spirit Super, with about A$25 billion in assets, said in November that they were exploring a merger. Thursday's statement came after an "extensive due diligence process," with the merger set to be completed in late 2024.
The combined super fund will have more than 500,000 participants.
"This announcement is an exciting moment for both funds, who share a bold vision to create a national, midsized fund that provides a distinct point of difference for our members," said Linda Scott, chairwoman of CareSuper, and Maria Wilton, chairwoman of Spirit Super, in the statement. The merger "will offer members a fund that leverages the strengths of each to deliver great outcomes for members and all stakeholders."
Ms. Scott will become chairwoman of the combined super fund.
Until completion of the merger, nothing will change for participants, the statement said.
Spirit Super is already the product of a merger: It was established in 2021 through the combination of Tasplan and the Motor Trades Association of Australia Superannuation Fund.
A spokesman said more detail will be shared in the future.
