The trustee of the $78 million Queensland legal services industry fund Law Employees Superannuation Fund (LESF) has announced it will join the Diversa Group subject to approval by the Australian Prudential Regulation Authority (APRA).
Following authorisation, Diversa Group-owned Corporate Combined Superannuation Limited (CCSL) will be appointed as trustee of LESF subject to a number of conditions relating to insurance coverage, entering into and/or novating service provider agreements and related matters.
The changes, which are expected to be completed early in the 2014 financial year, include transfer of LESF's administration services to Diversa as well.
Diversa's managing director Stuart Korchinski said the LESF trustees had selected Diversa as the best way forward for its members as Stronger Super reforms were rolled out this year.
"This proposition is underpinned by a commitment to cap fund costs to members and the availability of a suite of valuable service capabilities across superannuation trusteeship, marketing, product management, administration, investments and insurance," he said.
"This arrangement was seen as a simple and cost-effective response to Stronger Super obligations."
Korchinski said the recent appointment took to 22 the number of funds to which Diversa provided specialist products and services. He said funds under management, trusteeship and administration had now reached $1.4 billion.
"The selection of Diversa to supply these services provides further validation of Diversa's growth strategy," he said.
Diversa bolstered its superannuation administration business with the acquisition of CCSL from Prime Super in April 2011 and the purchase of SuperAdmin Services from McCouaig and Co Pty Ltd in September 2011.
It provides administration and promotion services to the Transport Industry Superannuation Fund and trustee, and fund and group life insurance administrator services to OneStep SUPER.
