With tougher regulatory requirements including trustee licensing continuing to play on the minds of superannuation trustees, both the and the Endeavour Foundation have decided to outsource their superannuation arrangements.
Both the Sydney Turf Club fund and the Endeavour Foundation fund have opted to fold into the , and their decision follows that of legal firm to outsource its $30 million fund to Aon earlier this month.
The Endeavour Foundation fund has 1,800 members with around $30 million in funds under management, while the Sydney Turf Club has 100 members with around $10 million in funds under management.
According to Aon Australia’s head of superannuation , Aon will be handling superannuation outsourcing, consulting and insurance services for the two funds.
News of the Aon win came as has announced it had been appointed to provide actuarial and investment consulting services for the four big superannuation funds, which have a combined membership of more than 3,600 and over $210 million in funds under management.
Watson Wyatt earlier this year picked up the Woolworths Group Superannuation.
