TelstraSuper, Aware Super finalise $235b merger
Aware Super has lifted its funds under management (FUM) to $235 billion and brought a further 85,000 members into the fold as a result of its merger with TelstraSuper, which the fund confirmed was officially finalised yesterday.
The funds’ plans to merge were first announced back in July last year, with a Heads of Agreement then signed in October and a Successor Fund Transfer (SFT) executed on 30 April taking Aware Super’s member base to over 1.3 million.
“We’re pleased to see the merger successfully completed, and proud that TelstraSuper has joined with the right partner to support our members’ long-term best interests,” Former TelstraSuper chief executive, Chris Davies, said.
“Aware Super shares our deep commitment to members and is well placed to continue delivering strong retirement outcomes.
“Congratulations to everyone involved across both organisations for their hard work and unwavering focus on supporting our members – now and into the future.”
Aware Super confirmed that it will provide additional support and guidance for members over the next several weeks to ensure a seamless transition.
“This merger is a significant achievement in the history of Aware Super and TelstraSuper and enables members to benefit from the deep retirement and advice capabilities of both organisations, greater scale and enhanced member outcomes,” Aware Super CEO, Deanne Stewart, said.
“Remarkably, it has been achieved in only 9 months which speaks to the alignment of values and strong execution capabilities of both organisations.
“We are thrilled to welcome TelstraSuper members to Aware Super and excited at the opportunities ahead to help them achieve their best possible retirement.
“Our sincere thanks to the TelstraSuper Board, Executive and broader team for their dedication to their members and making the merger a success.”
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