Equity Trustees (EQT) and Aon have entered into a $5.2 billion partnership which will see the merging of the Aon Master Trust and the Executive Superannuation Fund.
The firms said the new alliance reflected members’ needs for international and independent superannuation options.
Aon will assume responsibility for products and distribution under the new relationship, and EQT will run the trustee services, subject to the regulator’s approval.
EQT managing director, Mick O’Brien, said that Aon would bring a global aspect to the Australian specialist trustee company.
“With $130 billion in funds under management (FUM) globally, Aon brings international expertise to superannuation solutions at a time when the industry is moving to an increasingly global outlook,” he said.
Aon said the partnership would allow the company to offer its members superannuation solutions that better reflect the industry’s need for independent oversight.
Aon Hewitt Pacific chief executive, Steven Gaffney, said: “Equity Trustees brings its specialist independent trustee skills to an industry that is growing, and increasingly dependent on capable and trustworthy oversight”.
He noted that the merger would position the firm to provide lower costs and increased buying power to provide superior investment options.
The partnership is subject to approval from the funds’ trustee boards.