QSuper and Sunsuper to Merge
Posted on 03/15/2021
QSuper and Sunsuper Pty. have signed a deal to merge. Both superannuation funds are based in Brisbane. The merger would create a A$ 200 billion investor giant. The funds plan to merge by September 2021. Sunsuper chief executive Bernard Reilly will lead the merged fund as CEO. The combined entity’s board will be headed by QSuper chairman Don Luke. The current CEO of QSuper, Michael Pennisi, didn’t seek a role in the new organization and will leave the fund in September, according to the statement.
“This historic agreement will pave the way for the creation of an unquestionably strong superannuation fund with the scale to deliver outstanding services, greater efficiencies and lower costs for members,” according to the statement.
