First State Super says merger with WA Super will go ahead
First State Super, which became Australia's second-largest industry superannuation fund after its recent merger with VicSuper, has confirmed that its merger with WA Super will proceed as planned.
First State has listed Nov. 30 as the date the merger with WA Super will go into effect.
First State Super said, despite challenging market conditions, the fund has a strong liquidity position and is actively looking to invest in ways that will help Australia's economy recover from the current pandemic crisis.
Through this merger, First State Super expects to significantly increase its footprint in Western Australia. Both funds have undertaken an extensive due diligence process that began in March.
“First State Super and WA Super share many important ingredients for a successful merger,” stated First State Super in a recent blog