First State Super and VicSuper to merge

Deanne Stewart, CEO of the A$98 billion ($69 billion) First State Super, is set to take the reins once the merger of First State and the A$22 billion ($15 billion) VicSuper is completed in June 2020. With A$120 billion ($84 billion), the newly merged superannuation fund will be second in size to that of AustralianSuper, which has A$140 billion ($98 billion) in assets under management. In addition, Neil Cochrane, First State’s current independent director and chairman of the board, will be named chair of the merged fund.