Russell Investment Group this week consolidated its recent acquisition of Towers Perrin in Australia by securing the transfer of the $160 million Fujitsu Australian Superannuation Fund to its corporate master trust, SuperSolution.
The corporate superannuation outsourcing win prompted the Managing Director of Russell’s Australasian operations, Alan Schoenheimer to suggest that the company was now clearly the leader in the superannuation outsourcing market.
However Towers Perrin had maintained a long-standing relationship with the Fujitsu Australia Superannuation Fund, having been an adviser and actuary to the fund for around 30 years and having provided administrative services for the past 15 years.
What is more, Fujitsu outsourced its investment management to Russell in 2002.
Fujitsu’s Executive General Manager, Human Resources, Rob Carroll said that the catalyst for making the final move into Russell’s corporate master trust had been the company’s merger with DMR Consulting earlier this year which had resulted in an extra 750 members and two more superannuation funds.
“We wanted to find the best way to streamline our super arrangements while minimising risk for members and minimising costs,” he said.
Under the new arrangements, Fujitsu started making contributions to Russell’s corporate master trust on 1 October, while DMR members can move their existing superannuation into the corporate master trust on a choice basis.
