Partnership discussions are underway between two of the biggest superannuation funds in not just Queensland, but Australia.
QSuper and Sunsuper announced on 4 March that they have entered into formal discussions about a possible partnership.
The Sunsuper website says…
We’re now pleased to inform you that both funds have agreed to formal merger discussions and will start a comprehensive due diligence process. The outcome of this process is dependent on many factors and will allow both funds to more formally evaluate the potential benefits of a merger for you, our members.
The QSuper website update by its Chair says…
I am pleased to advise you that following discussions over the past month, the Boards of both funds have signed a Memorandum of Understanding (MoU) to enter a period of exclusive diligence to explore a merger.
Based on the press release of Sunsuper, the two funds combined currently manage $195 billion or more of funds on behalf of their combined 1.975 million members.
Why is this happening?
Much like their individual members who review their own super accounts and strategies, superannuation funds themselves also need to review their structures and their strategies in light of the changing environment and markets in which they operate.
In his announcement the QSuper Chair said that “There is a great deal of alignment and common purpose that unites us.” Both funds share a willingness to accomodate in their support services that some of their members choose to have their own personal financial adviser.
What’s the timing?
Watch this space for further updates though at this stage there is no official indication of when further updates will be provided or how long the process might take.