Statewide Super has dumped plans to merge with Tasplan and WA Super, saying it will now pursue other opportunities.
As exclusively revealed by Financial Standard in March, the $9.8 billion superannuation fund had signed a Memorandum of Understanding with Tasplan and WA Super to explore a potential merger.
The talks were unsuccessful however, with Statewide saying it will continue to actively pursue inorganic or organic growth.
Had the merger gone ahead, it would have seen the creation of a $24 billion super fund serving more than 380,000 members. By assets, it would have been the 15th biggest fund in Australia.
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Any further merger opportunities will be reviewed on a case-by-case basis, with members' interests at the forefront, Statewide Super chief executive Tony D'Alessandro said.
"We have a member-first culture and we are open to merger propositions as long as it is proven to be in member's best-interest," he said.
"Statewide Super has a positive position in the marketplace and this means the breadth and scale of a merger would need to make sense for the fund and our members.
"We will continue to look for ways to deliver greater value, improve returns, and negotiate better insurance cover, and we know that sometimes mergers are the best way to deliver this."