Equity Trustees has entered into agreements with The Colonial Mutual Life Assurance Society (CMLA) which will increase total funds under supervision to more than $100 billion.
Under the terms of the agreements, EQT subsidiary Equity Trustees would take on the trustee role for $10.5 billion of CMLA’s assets while another subsidiary, Equity Trustees Superannuation Limited (ETSL), would become the registrable superannuation entity (RSE) licensee for $4.5 billion of superannuation funds.
Additionally, CMLA and ETSL signed an agreement under which ETSL would continue to operate as administrator and life insurer of these funds.
“Each appointment is independent, and the funds will be overseen by separate specialist subsidiary trustee companies,” EQT Holdings’ managing director, Mick O’Brien said.
“In our superannuation and responsible entity businesses, our focus is on looking after the rights of members and unitholders within funds, independent of all other parties.
“Our recent investment in resources, including senior personnel and technology, strengthens our ability to support opportunities such as this. We look forward to partnering with CMLA.”
Michael Lovett, who left the investment firm just three months after launching its Vanguard Super offering, has taken up a chief executive role at an Australian asset manager.
The Central Bank of Ireland has granted the approval of Equity Trustees’ exit from its Irish operations, with the transaction expected to be complete on 30 April.
Super returns continued to climb in March, raising hopes of delivering double-digit returns by June depending on the performance of this next quarter.
The dedicated super fund for emergency services and Victorian government employees is under fire for unpaid entitlements to transport employees, which could exceed $40 million.
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