Oak Tree majority investor First State Super to merge with VICSuper for second biggest profit-for-members fund

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The Victorian and NSW public sector default funds have started due diligence on a merger that would create a $120 billion fund with over 1.1 million members – second only to the $155 billion AustralianSuper – from July next year.

As we covered here, First State Super took a 70% majority share in Oak Tree – which was founded by Mark Bindon, Franco De Pasquale and Marco De Pasquale in 2004 – promising to invest up to $400 million in the village operator’s 15-village development pipeline.

The move will also see its board of directors – which include former Sundale CEO Glenn Bunney (pictured) who was appointed to the board in 2018 – expanded to 15 during the initial merger.