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(April-2004) SMF wins small Tasmanian fund
SMF Funds Management has registered a corporate super outsourcing win by picking up the Tasmanian-based 500 member $25 million Roberts Superannuation Fund.
Roberts is one of Tasmania’s largest pastoral companies.
The transfer is scheduled to take place on April 30 and will see the Roberts members covered by SMF’s master trust — The Spectrum Plan.
Roberts explained its decision to outsource by pointing to the increasingly complex nature of the legislative environment.
SMF managing director, Chris Kelaher says the transfer will see SMF’s fund under management grow to $2.2 billion, while its member based has increased by 28 per cent to 106,524.
“This growth follows SMF’s recent acquisition of Mellon’s Future Link master trust,” Kelaher says.
He points to likely acceleration of corporate super outsourcing.
“The trend to outsource increasingly onerous responsibilities to ‘external’ products such as a master trust has accelerated with corporate funds declining in number by more than 42 per cent over the 24 months to September, 2003,” Kelaher says.
AUTHOR
Mike Taylor
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