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(April-2004) Outsourcing was the real winner
March proved to be another busy month in the corporate superannuation outsourcing stakes with a number of major funds changing arrangements.
Sealcorp Holdings announced in late March that Asgard Capital Management had picked up the $60 million 2700 member fund of construction group Transfield Services, while AON Consulting on April 1 took over administration of the $260 million Caltex Australia Superannuation Plan.
At the same time, leading industry superannuation fund administrator Superpartners has announced it is working with international financial services provider Mellon, to provide an extended range of corporate administration services including defined benefits to its client funds.
Superannuation Trust of Australia (STA) will be the first Superpartners client to leverage the new services as part of STA Corporate having already secured several significant clients including BlueScope Steel (formerly BHP Steel) and Racing Victoria.
Announcing the Transfield mandate, Asgard’s national manager business superannuation Robert Bergin says the win demonstrates the company’s growing strength and presence in the business superannuation market.
“The recent wins have been achieved because of our independence, our ability to offer significant investment choice and our award winning customer service,” he says.
Asgard’s other recent success in corporate superannuation outsourcing mandates include NIB Health Fund, the Snowy Mountains Engineering Corporation and Multiplex.
According to Bergin, Asgard has broken through the $1 billion threshold boasting inflows of over $360 million in the past 12 months.
He says Asgard Business Superannuation now services more than 4300 employer groups, representing more than 64,000 members Australia-wide.
AON Consulting director of superannuation Steven Gaffney says the Caltex appointment represents the latest in a string of wins for the company and an endorsement of the company’s investment in its service delivery platform.
AUTHOR
Mike Taylor
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