Hostplus Super, a Melbourne-based superannuation fund overseeing A$42 billion ($29.3 billion) in retirement assets for 1.2 million members, and Club Super, a Brisbane-based fund managing A$560 million on behalf of 22,000 members, said Tuesday they have begun merger talks.
In an telephone interview, Hostplus CEO David Elia said a decision to combine the two funds could be wrapped up within a matter of months, pending due diligence.
Hostplus has delivered industry-topping investment results for almost all time periods, combined with the lowest fees of A$78 per member, and will look to offer that kind of value to Club Super's 22,000 members, Mr. Elia said. The combination should pave the way for greater efficiencies for all members, he said.
Sharron Caddie, a spokeswoman for Club Super, couldn't be reached for comment.