Equipsuper has scored a significant win in the corporate superannuation outsourcing stakes picking up the Ansell and South Pacific Tyres employee superannuation funds.
Equipsuper announced in early January that the Ansell and South Pacific Tyres funds would transfer in April, increasing funds under management to over $200 million and membership to 5,500.
The transfers will see equipsuper pass $2 billion in funds under management and 30,000 members.
Equipsuper chief executive officer, Robin Burns says that passing the $2 billion funds under management represents an important milestone in the fund’s history.
“It highlights that we are continuing to compete successfully with some of the most established and well-resourced funds in the business and winning major corporate accounts,” he says.
Burns says one of the key contributors to equipsuper’s growth has been its delivery of returns to members that are significantly better than benchmarks, resulting in industry consultants regularly short-listing the fund for their corporate clients.
“This growth allows us to improve our economies of scale for members, enhance services and add to our resources to produce better outcomes for all members and participating employees,” he says.
Burns says that the Ansell and South Pacific Tyres transfers follow on from those of NSW manufacturing company, Lincoln Electric, South Australian community services organisation, Minda, Patrick Corporation subsidiary, Holyman Limited and the Melbourne Cricket Club.
“By April, equipsuper will have more than doubled its membership since June 2001 from below 14,000 to over 29,000,” he says.
Burns says that in that time funds under management over the same period will have increased by 50 per cent despite the impact of lower investment returns in the difficult 2001/2002 financial years.
