Equipsuper has received a boost with the trustees of Qenos Superannuation Scheme, a corporate fund with assets of $110 million, deciding to roll its members into the multi-employer fund.
Equipsuper now has more than $1.6 billion in assets and 21,000 members.
Other corporate funds that have also joined Equipsuper in recent times have been Iveco Trucks, Corrs Chambers Westgarth in Melbourne, DST International, Abigroup, Origin Energy and the Edison Mission Energy Super Fund in Victoria.
Equipsuper CEO Robin Burns says the funds are driven by a tougher compliance and investment environment to merge or outsource, with renewed focus on core businesses.
“Superannuation is becoming increasingly complex. There are more licensing requirements being introduced and a heavier demand on management for the time and effort involved,” Burns says. “Also, with investment markets turning down, it’s probably making a few companies think that [outsourcing] is something they should be looking at.
“Companies are increasingly specialising and I think it’s probably generally the view that something so complex is best managed by someone who does nothing but super.”
