Aware Super explores $254B Prime Super deal

• Prime Super and Aware Super signed an agreement to explore a potential fund transfer by late 2027.
• The proposed transfer would combine $254 billion in assets and serve over 1.4 million members.
• Both funds aim to build operational scale and improve long-term retirement outcomes for their members.

Aware Super and Prime Super signed an agreement to explore a merger, creating a $254 billion fund.

The proposed transfer would unite more than 1.4 million members across Australia under a single profit-to-member superannuation fund.

"Through shared values, enhanced investment capability and a broader range of retirement solutions, we believe this potential partnership could support stronger long-term outcomes for members of both funds," said Aware Super Chair Christine McLoughlin.

The transaction is targeted for completion by late 2027 as both funds undertake due diligence while continuing independent operations.

Aware Super previously expanded its platform by completing a successor fund transfer with Telstra Super in April.

The fund stated that the potential partnership aligns with its strategy to build scale through industry consolidation.