QSuper, a Brisbane, Australia-based public superannuation fund with more than A$120 billion ($79.4 billion) in assets, and Sunsuper, a A$75 billion industry fund, have signed a memorandum of understanding to begin due diligence for a merger.
Talks held in November yielded potential benefits for each plan's participants, warranting further exploration of a merger, the funds said Wednesday.
The deal hinges on the detailed analysis showing that participants would indeed benefit, executives from both funds said.
Sunsuper currently has about 1.4 million participants, while QSuper has 575,000.
QSuper spokesman David Fagan declined to say how long it could take to pursue due diligence and then a merger. Sunsuper spokeswoman Catherine Hughes could not be reached for comment.
