PLUM Financial Services has won one of the largest master trust outsourcing deals in history, with Boral Superannuation deciding to roll its assets of $430 million into the MLC part-owned company.
Plum says this pushes its funds under administration to $2.4 billion and further entrenches it as a key player at the large end of the corporate master trust market.
In the last 12 months, Plum’s business has doubled, and it now sports 43 clients from a wide range of industries.
Plum won the contract amid stiff competition from five other tenderers: BT, Colonial, William M Mercer, Towers Perrin and Deutsche Bank. MLC, which has a stake in Plum, via a joint venture with the Vanguard group, has won the right to provide asset consulting advice after being appointed as the implemented consultant.
“Plum and MLC Implemented Consulting will work together as one team in providing Boral’s superannuation funds with asset allocation advice, manager selection and implementation, administration and service to members,” MLC Implemented consulting head of asset consulting Paul Ireland says.
Boral will be outsourcing two funds to Plum: an accumulation fund with 10,000 members and a defined benefit fund covering a further 400 members.