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Equity Trustees combines trustee businesses as it exits UK and Ireland
Equity Trustees will now have almost $150 billion in funds under supervision after it announced it will combine its superannuation trustee and corporate trustee services.
The combined business will be led by Andrew Godfrey, who has been executive general manager (EGM) of its super wing since February, under the title of EGM of corporate and superannuation trustee services.
According to the firm, there was “clear alignment” of the operating models offering an opportunity to capitalise on the strengths of each business.
Mick O’Brien, Equity Trustees managing director, explained: “This will simplify our overall business into two clear markets – a wholesale or corporate business in the combined corporate and superannuation trustee services and a private client-focused business in trustee and wealth services.
“It also makes sense given the increased scale of our TWS [trustee and wealth services] business following the successful acquisition of Australian Executor Trustees.
“This new business structure will enhance our ability to deliver on our strategic objectives and vision to be Australia’s leading trustee services provider.”
The fund announced today (15 August) that it will be exiting its UK and Ireland business in order to focus more on its corporate trustee business in Australia.
Additionally, Russell Beasley will take up the role of deputy EGM of fund services, with the remit of fund services relationship management. A veteran at the firm for 18 years, he has decided to transition to retirement, the firm added.
“Russell has played a critical role in leading us to be the number one provider of Responsible Entity services in Australia, and we are delighted that we will continue to benefit from his expertise as he transitions to retirement,” said O’Brien.
“Equity Trustees will continue to benefit from Russell’s wealth of experience, industry knowledge, capability and the exceptionally strong client relationships he has formed over the years.”
With this streamlined business, the firm reiterated that the governance, including a clear separation of decision making for each licensed entity, and the financial reporting structure would not change.
Equity Trustees was recently announced as the super trustee of Future Super, which includes Verve Super, and of Hejaz Group’s super and pension products.
It was also appointed responsible entity for Blackwattle Investment Partners’ first range of Australian equity products.
AUTHOR
Rhea Nath
Rhea L Nath is a journalist at Money Management and Super Review, with a focus on financial advice, investments, funds management, and superannuation. Previously, she covered small business and entrepreneurship news at Dynamic Business and multicultural issues at Indian Link Media Group. In 2022, she was named Young Journalist of the Year at the NSW Premier’s Multicultural Communications Awards.
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