Two Australian pension funds are joining forces in a further sign of consolidation in the A$2.65 trillion ($1.87 trillion) industry.
Equipsuper and Catholic Super will merge by December 2020, sharing the same board, investment teams and back office support but keeping their own distinctive brands under a memorandum of understanding signed Tuesday. The deal will form a more than A$25 billion fund managing the retirement savings of about 150,000 members, Equipsuper Chairman Andrew Fairley said in an interview in Melbourne.
