SYDNEY (Reuters) – Australian telecoms giant Telstra’s (OTC:) pension fund arm TelstraSuper will merge with larger rival Equip Super, creating a combined fund that would manage about A$60 billion ($38.8 billion), the funds said in a joint statement on Tuesday.
The binding agreement follows the signing of a non-binding memorandum of understanding in September to explore a merger between the two funds.
TelstraSuper will retire following the completion of the merger, which is expected to take place in late 2025, and the combined fund will have 225,000 members.
Founded almost a century ago, Equip Super has approximately A$35 billion in funds under management and manages the pension schemes for some of Australia’s largest companies.
($1 = 1.5449 Australian dollars)
