Toyota Super will merge with Equipsuper as the requirements for running a stand-alone corporate super fund are becoming increasingly difficult.
The successor fund transfer would be effective 1 May with Toyota Super becoming a sub-fund of Equip. The merged fund would manage $860 million in retirement savings to 5,000 members and would provide greater investment and administration scale.
Toyota Super chair, Rob Purcell, said: “Toyota Super has served members’ interests very well. However, the requirements for running a stand-alone corporate superannuation fund are becoming increasingly difficult, largely due to complex and changing superannuation regulations. We are confident this move can provide even better member outcomes.
“Equipsuper is a great partner, offering members excellent benefits, economies of scale, value for money, investment expertise and high-quality member services.”
Chief executive of the joint venture, Scott Cameron, said the move was part of a strategy of scalable growth.
“We’re open for business,” he said. “Our aim is to grow to $50 billion in funds and roughly double our membership to 300,000 in the next five years.”
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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