Equity Trustees sees 29% growth in funds under supervision

5 September 2023
| By Jasmine Siljic |
image
image
expand image

Following a year of mergers and appointments, Equity Trustees has announced a 29 per cent growth in funds under supervision to $44.8 billion in the financial year 2023 from $34.7 billion in the previous year.

The superannuation trustee business now services more than 630,000 super fund members, an increase of 61,000 members ended 30 June 2023. 

The growth was largely driven by the addition of a large portfolio of small Australian Prudential Regulation Authority (APRA) regulated funds following the firm’s acquisition of Australian Executor Trustees (AET) in December 2022.

In August this year, Equity Trustees entered a service agreement with SuperConcepts to take on its platforms business clients of AET.

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. 

Moreover, the firm’s appointment as the trustee of Future Super from 1 July alongside a series of appointments allowed the business to reach $50 billion in funds under supervision as FY24 commenced.

Andrew Godfrey, executive general manager of the newly combined corporate and superannuation trustee services division, highlighted the firm’s long history in the industry.

“Equity Trustees showed considerable foresight when it made the strategic decision to apply its 140+ years of trustee capability and experience and focus it on the ever growing – and ever more complex – superannuation funds industry,” he said.

According to Godfrey, Equity Trustees’ growth over FY23 reflected more funds and their administrators were appreciating the value of outsourcing super trustees. 

“One is the value of having a trustee at ‘arm’s length’ from the commercials of the business,” he said.

“The other is efficiency of engaging a specialist provider which has significant breadth and depth of specialist experience in compliance, governance and oversight – including investing in systems that support robust oversight and staying abreast of evolving regulatory requirements.”

The firm’s strategy remains focused on its core business and being Australia’s leading trustee company, the executive general manager added.

“The responsibility of the trustee of any superannuation fund is enormous – this is the role that looks out for members who rely on their superannuation as the nest egg for a secure retirement. For most, it is the biggest asset aside from the family home,” he said.

The firm also appointed a new non-executive director in Robert Dalton, an experienced executive who spent 25 years at EY in advisory and audit roles. 
 

Read more about:

AUTHOR

Add new comment

The content of this field is kept private and will not be shown publicly.

Recommended for you

sidebar subscription

Never miss the latest developments in Super Review! Anytime, Anywhere!

Grant Banner

From my perspective, 40- 50% of people are likely going to be deeply unhappy about how long they actually live. ...

3 months 2 weeks ago
Kevin Gorman

Super director remuneration ...

3 months 3 weeks ago
Anthony Asher

No doubt true, but most of it is still because over 45’s have been upgrading their houses with 30 year mortgages. Money ...

3 months 3 weeks ago

Financial stability continues to be closely linked to the contentment of older Australians, according to new data from Challenger. ...

1 day 7 hours ago

There is growing support from the Senate crossbench for the government to rethink its plans to tax unrealised gains in the proposed $3 million super tax....

1 day 9 hours ago

The $27 billion fund has named a successor for long-term board member David Smith, who is set to step down after more than a decade....

2 days 8 hours ago

TOP PERFORMING FUNDS

ACS FIXED INT - AUSTRALIA/GLOBAL BOND