Statewide Super and Local Super in merger talks
Two South Australian superannuation funds, Statewide Super and Local Super, have confirmed they are having detailed discussions about a merger.
However, due diligence would need to be completed and shareholder approval received before a merger between the two companies could take place, according to the chairman of Statewide Super, Nicholas Begakis AM, and chairman of Local Super, Juliet Brown.
Begakis and Brown said the recent release of the Federal Government’s Cooper Review into the governance, efficiency, structure and operation of Australia’s superannuation system had encouraged super funds around the country to consider merger and acquisition opportunities.
A merged entity would manage more than $4 billion in funds, with Statewide Super’s $2.4 billion and Local Super’s $1.7 billion in funds under management.
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