AvSuper and Australian Retirement Trust (ART) have agreed to investigate merging by signing a Memorandum of Understanding (MoU).
The two funds will immediately commence a due diligence period, aiming to complete the merger in the next 12 months.
The MoU will allow a potential merger to be thoroughly assessed by all parties, with the best interests of members being the key deciding factor.
AvSuper confirmed that ART was shortlisted in its initial expression of interest process 15 months ago, and has remained an interested and suitable partner for a potential merger.
ART has strong integration capability, having been formed in 2022 following the merger of Sunsuper and QSuper. It is one of the largest super funds in Australia with over 2.2 million members and more than $240 billion in funds under management. ART also has a strong history of serving the public sector, along with extensive defined benefit experience and capability.
AvSuper is a profit for member fund originally dedicated to the aviation industry.