Independent super trustee Equity Trustees has seen funds under supervision rise to $50 billion.
This is up from $41 billion at the end of the last financial year and from $2.9 billion in 2017.
According to its most recent financial results, the superannuation trustee business now services more than 630,000 super fund members.
The recent inflow growth was driven by rapid growth in Centric Super Fund that was launched in December 2020 and has recently doubled its funds under administration.
In August, members of Encircle Superannuation transferred to Centric Super that grew the fund from less than $1 billion to just over $3 billion.
It was also appointed as trustee of Future Super from 1 July, which includes Verve Super, a super fund focusing on ethical investment for women.
Andrew Godfrey, executive general manager of the corporate and superannuation trustee services of Equity Trustees, said: “Funds such as Centric are growing and innovating their product and service offerings to meet the changing demands and requirements of Australians who recognise that superannuation is one of their most important assets – and the path to a secure retirement. It makes sense that there is also growing recognition of the importance of an independent, specialised and robust trustee function.”
“Our super trustee team has also expanded over the past six years from just a handful of specialists in the early days to a team of 40 experts in superannuation-focussed oversight and performance, risk and compliance, regulation, claims resolution, and governance.
“We have led the way in the emerging market for superannuation funds who want to keep the trustee function at arm’s length from the business of promoting, managing and administering superannuation funds. The successful application of our trustee experience – traditionally provided to individuals and families – but now provided to corporate and superannuation sectors confirms our dedication to being Australia’s leading trustee company,” Godfrey said.
Last month, the firm also entered into a service agreement with SuperConcepts to take on its platform business clients of Australian Executor Trustees. The AET platforms business, part of Equity Trustees’ acquisition of AET in August 2022, comprises SMSF administration and custody, Platform Management Services (PMS), and Small APRA Fund (SAF) administration and custody.
The new enterprise service agreement will enable SuperConcepts to continue delivering specialist superannuation and platform services to AET’s clients and allow SuperConcepts to receive SMSF and PMS clients from Equity Trustees.
