Telstra Super and Aware Super enter merger formalities
Just months after aborting its merger with Equip Super, Telstra Super has announced it is moving to merge with Aware Super.
The two funds said they had signed a non-binding Memorandum of Understanding to explore a potential merger between the two funds.
The proposed merger would create a combined profit-to-member fund of approximately $228 billion in funds under management and serve over 1.3 million members.
The announcement said both organisations will now undertake a comprehensive due diligence process to ensure the proposed merger is in the best financial interests of their respective members.
In my experience Telstra Super is a far better retirement phase performer than just about any other APRA fund. In some ways it’s a shame they are merging with a large industry fund rather than maybe refreshing their brand, striking some good partnerships with advisers and others and continuing under their own steam.