Reilly to lead merged QSuper, Sunsuper

Bernard Reilly is tipped to become the chief executive of the merged QSuper and Sunsuper.

The two funds announced that they had signed a Heads of Agreement to pursue the merger, which is targeted for completion in September of this year. The resultant fund would represent more than $200 billion in funds under management.

Don Luke, the current chair of QSuper, would become the chair of both organisations.

Andrew Fraser, the current chair of Sunsuper, will join the board of the joint organisation. He and Luke released a statement praising Reilly. "Bernard is a first-class CEO with exceptional investment and risk-governance credentials. He brings an in-depth understanding of global asset management and broad strategic experience in superannuation, funds management, and enterprise transformation.

In particular, the pair pointed to Reilly's domestic and international experience shaping his strategic insights.

"Bernard brings a global perspective having headed up the Asia Pacific operations for SSGA and brings significant transformation experience across complex businesses. A highlight of Bernard's career was steering a new global strategic direction and growth program for State Street Global Advisors.

Reilly said that it's an honour to be chosen to lead the integration of these two funds. "The work each fund has done to this point is promising and we will see the potential to achieve real benefits for members, which will be further tested over the coming months." The merged organisation will be responsible for more than $200 billion and more than 2 million members.

Current QSuper CEO Michael Pennisi did not seek a role in the new organisation and will depart later this year.