Kinetic Super and Sunsuper agree on $45b merger
Industry superannuation funds, Kinetic Super and Sunsuper, have signed an agreement, giving in principle support for a merger between the two funds.
The combined fund would consolidate its position as one of Australia’s biggest superannuation funds, with more than $45 billion in funds under management and 1.3 million members.
Kinetic Super board chairman, Frank Gullone, said the merger would lead to lower fees as well as “enhanced services and products to all members.”
Sunsuper chairman, Ben Swan, said a successful merger will drive future efficiencies, promote a stronger competitive position in the market, and ultimately generate greater value for the combined member and employer base.
The merger comes amid growing competition in the superannuation sector in Queensland, Australia. Some of the nation’s largest industry superannuation funds are eyeing reforms that this year will put some of the $65 billion in Queensland public servant super account