Australia's Allens Advises on Nation's Largest Ever Pension Fund Merger
FSS Trustee Corp. now manages more than A$125 billion in funds on behalf of more than 1.1 million members.
July 08, 2020 at 05:47 PM
2 minute read
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The Australian firm Allens has advised First State Super on its successful merger with VicSuper—Australia's largest pension fund merger to date, according to the firm.
Following completion of the merger June 30, FSS Trustee Corp. now manages over A$125 billion (US$87 billion) in funds on behalf of more than 1.1 million members from industries ranging from education to health care.
Allens said it was a complex transaction that involved integrating two large established superannuation funds, as pension funds in Australia are known. It required navigating several "novel regulatory aspects" to assist the merged fund in achieving its vision of greater scale, an expanded national footprint and increased investment opportunities.
"The matter was a wonderful opportunity to work closely with the First State Super team over a long period of time and to play our part in a merger that marks a very significant milestone in the increasingly active consolidation of the superannuation sector," Geoff Sanders, an Allens partner and transactions team member, said in a statement.
Other Allens partners involved in the transaction included funds partner Simun Soljo, technology partner Michael Park and tax partner Adrian Chek.
A source with knowledge of the deal said the Australian firm HWL Ebsworth advised VicSuper.
HWL Ebsworth did not respond to a request for comment.
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