The Brief:
Aware Super completes merger with TelstraSuper, creating a combined fund with $235bn under management.
Allens advised Aware Super across a broad multi-disciplinary team.
Aware Super has completed its merger with TelstraSuper, creating one of Australia’s largest superannuation funds with around $235bn in funds under management.
The deal was completed just 9 months after the two funds first flagged the tie-up in July last year, and 6 months after a Heads of Agreement was signed in October.
The deal
TelstraSuper brought over $26bn to the table as the largest of Australia’s remaining corporate super funds, adding around 85,000 members to create a combined fund of approximately 1.3 million members.
The vehicle was a Successor Funds Transfer — the standard mechanism for merging super funds without requiring individual member consent. The transaction also involved a number of novel regulatory aspects alongside the full investment transfer — no small feat for two funds of this size.
CEO Deanne Stewart called the timeline remarkable: “It has been achieved in only 9 months which speaks to the alignment of values and strong execution capabilities of both organisations.”
Who’s acting
Allens advised Aware Super across a wide multi-disciplinary team.
Stephanie Malon led as lead partner, supported by a wide bench spanning superannuation, competition, M&A, technology and disputes.
The funds team included Sean Cole (partner), Michael Mathieson (senior regulatory counsel) and senior associates Katerina Karavatis, Guy Spielman, Lincoln Rodgers and Harmanjot Singh.
Malon said, “This merger represents a landmark moment in Australia’s superannuation industry. We were delighted to support the Aware Super team in successfully navigating the complexities involved in bringing together two major funds.”
Source: Allens, Aware Super