Equip Super has appointed Northern Trust to provide asset servicing solutions, including global custody, fund administration, and portfolio analytics services.
Explaining the move, the fund said it was seeking a partner that could enable it to scale effectively while providing its members with a consistent service experience, as funds face increasing pressure to deliver for members.
It also said it has been involved in several successor fund transfers in the superannuation industry and continues to look for new growth opportunities. Equip Super merged with Catholic Super in late 2019.
Last year, Equip Super CEO Scott Cameron said the fund is tracking well on its path to achieving $50 billion in funds under management, up from $30 billion currently, and 140,000 members.
“We chose Northern Trust as our new custodian based on their global services and product offering and competitive fees,” Marc Pizzichetta, CFO of Equip Super, said.
“They proved to be the best match to enable us to meet our Fund’s strategic objectives and provide the best financial interest to our members.”
The transition of services took effect on 2 April 2024.
Northern Trust said the appointment underlines its commitment to the Australian market.
Leon Stavrou, country executive, Australia and New Zealand at Northern Trust, said: “The decision by Equip Super to select Northern Trust underlines our commitment to Australia and is a testament to the breadth of our experience and expertise in providing asset servicing to Australian superannuation funds.
“We understand the unique needs of this industry and look forward to building our relationship with Equip Super as they continue to grow.”
Northern Trust has a global presence across 22 locations in Canada, Europe, the Middle East, and the Asia-Pacific region.
As of 31 March 2024, it had assets under custody/administration of US$16.5 trillion and assets under management of US$1.5 trillion.
