Two more Australian superannuation funds, Hostplus and Club Super, are merging and have signed a deed to confirm the deal.

The funds, which invest the retirement assets for the nation’s hospitality, tourism, recreation, and sports sectors, expect to finalize the tie-up on November 1. The new organization’s assets will total A$42.6 billion ($29 billion). Merger talks began in July.

David Elia, Hostplus’ chief executive officer, said the plan’s officials will “continue to focus on ensuring our merged funds continue to deliver high-quality products and services, investment performance and retirement outcomes for our 1.2 million members and their families.”

Consolidation has been a trend in the Australian superannuation industry this year as the government wants to simplify the number of funds per sector while ensuring top performance for their members. Other supers that have merged include Equipsuper and Catholic Super, as well as First State Super and VicSuper.

 “In executing the successor fund transfer deed, we are actively helping to bring enhanced services and benefits to our members and employers, while continuing to recognize and support the community and sporting clubs they work so tirelessly in” said Club Super Chair Sharron Caddie.

A superannuation plan invests the pension assets on behalf of an entire group of employees, such as healthcare or construction workers.

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Tags: Australia, Club Super, Hostplus, Pension, Superannuation Fund