The completion of this transition marks the second major corporate merger for ART this year, following the successful merger with Woolworths in August, with AVSuper and Alcoa currently undergoing similar transitions.
Strength in Corporate Client and Complex Transitions
Commenting on the successful completion of the merger, Dave Woodall, Chief Commercial Officer of ART, highlighted the fund's strength in handling corporate client and complex transitions. This further strengthens ART's position in the financial services market.
Seamless Successor Fund Transfer (SFT) Process
The successor fund transfer (SFT) process for this merger will be conducted in two tranches. The initial transition has already been completed successfully. The transfer of the defined benefit lifetime pensioners, which accounts for approximately $2 billion and 3,700 members, will take place in the second half of this financial year.
The completion of this merger not only expands ART's membership but also showcases its ability to effectively manage complex transitions, ensuring a seamless experience for its members.
