AustralianSuper, AGEST in Merger Talks
The 130,00-plus member Melbourne-based AGEST Super has chosen AustralianSuper as its preferred merger partner. Once the due diligence process is completed, the merger would take effect in 2012, taking AustralianSuper to almost 2 million members, 160,000 employers, more than A$46 billion (US$TK billion) in assets under management and a net cash flow of A$300 million (US$TK million) per month.
According to a statement from AGEST, it is looking to merge into a superannuation fund with strong growth. “While AGEST is currently growing, AGEST expects that in the medium term, without significant expenditure — and an increase in fees — this growth will stall,” notes a statement from AGEST. “If AGEST and Australian Super merger, AGEST members will gain from growth in the fund membership, as a growing fund offers the advantages of econom