EQT Holdings has announced that Equity Trustees Superannuation has been appointed as superannuation trustee for AMP Life’s superannuation funds and will replace its current trustees N M Superannuation Proprietary and AMP Superannuation.
AMP Life, which sold to Resolution Life was completed for $3 billion, had more than $7 billion invested in these superannuation funds held by more than 340,000 Australians, the firm said.
Under the terms of the deal, Equity Trustees would be responsible for over $20 billion in superannuation assets for more than 700,000 members.
According to Equity’s managing director, Mick O’Brien, there was a continuing trend to outsource the trustee role amongst superannuation providers both in Australia and globally and that his company would continue to recruit specialised professionals to its superannuation trustee office.
“The appeal of outsourced specialist oversight of super members’ funds is a growing trend in the wake of the financial services royal commission,” he said.
“Recent market volatility, including unprecedented numbers of people accessing part of their superannuation early, alongside an inherently complex regulatory environment, have also highlighted how a specialist superannuation trustee can deliver value for funds and their members.”
O’Brien also noted that the role of trustee was expected to become even more critical to a secure superannuation system.
“The role of trustee has not been well understood, but its value is becoming more appreciated, it must balance technical expertise in the complexities of governance and regulation, with great judgement. This is the essence of being a trustee,” he added.