POWERED BY MOMENTUM MEDIA
EISS set to sell FuturePlus
Energy Industries Superannuation Scheme (EISS) has announced its intention to sell FuturePlus Financial Services, its administration and support services business.
EISS chief executive Alex Hutchison said the administrator was competitively placed and profitable, but better suited to an administration or financial services company that wanted to add scale in a "rapidly" consolidating industry.
The decision to sell came after internal and external reviews, Hutchison said.
Reports last year prompted the Australian Prudential Regulation Authority (APRA) to request an assessment from the trustee as to the fund's risk tolerance to its investment in FuturePlus.
EISS became sole owner of the administration business in 2010 after Local Government Super (LGS) sold its share and a merger between the pair was called off.
APRA questioned whether the fund would need to provide future funding to ensure FuturePlus complied with Stronger Super regulations and wanted confirmation of the administrator's abilities to uphold service levels after significant changes were made to its management structure.
The sale of FuturePlus - which currently acts as administrator for a number of funds including Super Money Eligible Rollover Fund, EISS and LGS - will be overseen by ICS Advisory and EISS.
FuturePlus services over 200,000 members with funds under administration of $10 billion.
AUTHOR
Staff Writer
Money Management staff writers are writers who contribute to the website from time to time. If you would like to discuss the content contained within this article please contact us.
Recommended for you
The lower outlook for inflation has set the stage for another two rate cuts over the first half of 2026, according to Westpac.
With private asset valuations emerging as a key concern for both regulators and the broader market, Apollo Global Management has called on the corporate regulator to issue clear principles on valuation practices, including guidance on the disclosures it expects from market participants.
Institutional asset owners are largely rethinking their exposure to the US, with private markets increasingly being viewed as a strategic investment allocation, new research has shown.
Australia’s corporate regulator has been told it must quickly modernise its oversight of private markets, after being caught off guard by the complexity, size, and opacity of the asset class now dominating institutional portfolios.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
DomaCom DFS Mortgage
92.15 3 y p.a(%)
2
Global X 21Shares Bitcoin ETF
53.24 3 y p.a(%)
3
Global X GlobalX FANG+ ETF
43.15 3 y p.a(%)
4
DomaCom Shoreline North Coogee
36.26 3 y p.a(%)
5
GAM LSA Private Shares AU I
35.87 3 y p.a(%)
