Allens has advised Aware Super on its successful merger with TelstraSuper, creating a combined fund with approximately $237 billion of funds under management.
Aware Super is one of Australia's largest profit‑to‑member super funds, serving over 1.3 million members. TelstraSuper was the largest of the two remaining corporate superannuation funds in Australia, with more than $26 billion in funds under management.
'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,' said lead partner Stephanie Malon.
'The transaction is a testament to Aware Super's strategic vision and commitment to delivering scale and value for its members – congratulations to all involved.'
Allens supported Aware Super throughout the transaction, including through a number of novel regulatory aspects and its investments transfer.
This transaction reflects a continuing trend of consolidation in the superannuation industry, which Allens is proud to have supported with specialist expertise over many years.
