Australia’s TelstraSuper and Aware Super have announced they are exploring a potential merger, which would create a combined fund managing over A$170 billion on behalf of more than 1.6 million members. Both funds emphasised alignment in values and long-term member focus, with due diligence now underway. Any formal decision is expected in the coming months, subject to regulatory approvals and trustee board assessments. (source)
Why it matters:
For global peers, this is another signal that scale is no longer optional in the Australian super system. Consolidation is enabling funds like Aware to internalise asset management, increase private market exposure, and set policy positions across climate, governance, and asset allocation. For international asset owners, it’s a reminder that Australia’s supers are becoming increasingly influential price-setters in illiquids, infrastructure, and stewardship frameworks not just allocators
