AvSuper and Australian Retirement Trust (ART) have agreed to investigate a merger of the two funds. An AvSuper spokesperson confirmed that the two funds have inked a Memorandum of Understanding (MoU) that will kick off a due diligence period.
The previously proposed merger between AvSuper and Commonwealth Superannuation Corporation (CSC) was unable to proceed under the current legislative timetable as required changes were unlikely to be delivered in 2023.
The reasons for our original decision to initiate the EOI process remain and a merger continues to be a necessary step forward in members’ best interests. As an immediate next step, we reviewed our shortlisted funds from the initial EOI process.
Introducing Australian Retirement Trust (ART)
We are pleased to advise that we have now signed an MoU with ART, who have been an interested and strong candidate throughout the process.
ART was formed in 2022 following the merge of Sunsuper with QSuper and is one of the largest super funds in Australia with over 2.2 million members and more than $240 billion in funds under management.
Along with being one of the largest super funds in Australia, ART has a strong history of serving the public sector and has extensive Defined Benefit experience and capability. We are confident that this merger will be favourable to our members in the short and long-term.
We remain committed to being transparent throughout this process and will keep you updated of progress.