The planned merger between QSuper and Sunsuper was finalized Monday , creating Australian Retirement Trust, the country's second biggest super fund.
The combination of the industry's third and fifth largest funds, both Brisbane based, will oversee more than A$230 billion ($165.1 billion) in retirement assets on behalf of 2 million members.
That still leaves Melbourne-based AustralianSuper, with more than A$260 billion and over 2.6 million members, at the top of industry rankings.
Bernard Reilly, Australian Retirement Trust's CEO, in a news release Monday pledged to "leverage our size and scale to seek out world-class investment opportunities for our members and deliver enhanced products and services and lower fees."
Since March 2021, when a formal agreement to pursue a merger was announced, the funds have moved forward, appointing a board of trustees and a joint executive lineup.
"Over the next two years, we will…continue to fully integrate the two funds, including our investment portfolios and technology platforms," he added.
Sunsuper, an industry fund, brought more than A$97 billion in funds under management to the merger while QSuper, a public fund focused on Queensland government employees, brought more than A$133 billion, a spokeswoman for Australian Retirement Trust confirmed.
Roughly 40% of the combined fund's members are under 35 years of age, with another 40% between 35 and 55 and 20% over 55, the news release said.
Membership is split roughly 50-50 between male and female employees.