Allens has advised First State Super on its successful merger with VicSuper, Australia's largest super fund merger to date.
Following the merger on 30 June 2020, FSS Trustee Corporation now manages over $125 billion on behalf of more than 1.1 million members from similar industries, such as education, healthcare and the public service.
This complex transaction involved integrating two large established super funds and required navigating a number of 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 – congratulations to everyone involved,' said Geoff Sanders.
The First State Super merger builds on Allens' specialist expertise in advising on super fund mergers or successor fund transfers and continues Allens' track record of advising on the vast majority of major fund mergers in the superannuation industry in recent years.
Allens legal team
Corporate - Funds, Super and Wealth
Geoff Sanders (Partner), Simun Soljo (Partner), Stephanie Malon (Managing Associate), Michael Mathieson (Senior Regulatory Counsel) and Katerina Dandanis (Associate).
Corporate - TMT: Michael Park (Partner)
Tax: Adrian Chek (Partner)