Statewide Super, Local Super Plan Merger

Statewide Super and Local Super are planning to merge their operations, Money Management reports. The two South Australian superannuation portfolios are seeking approval from their respective shareholders for the merger.

The new merged entity will manage more than $4 billion in funds, with Statewide Super’s $2.4 billion and Local Super’s $1.7 billion in funds under management. The merger is expected to take place between January and July 2012, adds Financial Standard.

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