Two Australian Pensions Confirm Merger to Form $156 Billion Fund

Aware Super, one of Australia’s largest pensions, confirmed plans to merge with smaller rival TelstraSuper to form a A$235 billion ($156 billion) fund.

The two pensions have signed a binding Heads of Agreement, and will merge toward the end of the current financial year, according to a statement from Aware Super Tuesday. The funds, which have a combined 1.3 million members, said in July they were exploring a tie-up.