Indicating that industry funds remain competitive in the corporate superannuation outsourcing stakes, HESTA has picked up the Staff Care Superannuation Fund – a fund for people working in the health insurance sector.
The arrangement was announced late last week by HESTA’s chief executive, Ann-Marie Corboy who said she was delighted that the Staff Care Fund had chosen to trust its members’ retirement savings to HESTA.
The Staff Care Superannuation Fund is understood to have around 150 members with around $3 million in funds under management (FUM).
The transfer sees HESTA’s FUM increase to over $7 billion and gives the fund coverage of more than 500,000 members.
Corboy said that HESTA was proving attractive to small to medium-sized funds because it had a history of strong investment performances, low fees and economies of scale.
