Colonial First State is claiming a major win for its FirstChoice Employer Superannuation product announcing that it has now surpassed the $1 billion mark in funds under management.
Colonial First State’s head of Corporate Superannuation, Jack McCartney said this represented a major milestone for the product and reinforced the market’s confidence.
“Reaching $1 billion reinforces the market’s confidence in the product as one of the leading corporate super funds available at this time. It’s a great place to be as the new super choice rule comes into effect,” McCartney said.
“We’ve streamlined what could be considered as an arduous task for employers by offering an extremely efficient product which, among other capabilities, can produce annual statements in just three weeks for all investors.”
McCartney said FirstChoice had also introduced the SuperSplit facility which it believed would help remove the hassle of distributing employee superannuation contributions for employers.
He said recent wins secured by FirstChoice over the last the last three months included Commander, Boehringer Ingelheim and Centennial Coal which had collectively invested more than $65 million in the fund.
Colonial First State launched FirstChoice in September 2002.
