Australian Retirement Trust (ART) has entered a Memorandum of Understanding (MoU) with Alcoa of Australia Retirement Plan (Alcoa Super). 

This is ART’s third merger announcement since the start of the year, with Commonwealth Bank Group Super and AvSuper being announced in February.

The two funds will now commence a comprehensive due diligence process. Any potential merger via a successor fund transfer will only progress if both funds determine that doing so would be in each of their members’ best interests. 

Alcoa Super has over 5,000 members and $2 billion in funds under management.  

ART CEO Bernard Reilly said in a media release on Tuesday that the merger last year to become ART was just the starting point and laid the foundation for its future growth strategy. 

He added that ART was well on its way to achieving its target of $500 billion in FUM by 2030 and is continuing to grow for the benefit of its members. 

Over the last year alone, the fund has increased its member numbers by more than 200,000, and its funds under management have risen by $40 billion.