Major Queensland-based superannuation fund Sunsuper is to acquire superannuation administration company CSA Retirement Services, formerly known as Citistreet.
Sunsuper confirmed the acquisition today, with its chief executive Tony Lally claiming it represented an excellent opportunity for the fund to extract greater synergies from the two businesses for the ultimate benefit of members.
Sunsuper has been CSA Retirement Services’ (Citistreet’s) major client for the past eight years.
The administration company, originally formed as a joint venture between State Street and Citi Group, will become a wholly-owned subsidiary of Sunsuper.
