The Executive Superannuation Fund has appointed Equity Trustees as trustee and custodian.
It comes at the same time as Equity Trustees created the superannuation trustee office, to which it has appointed John Rodd.
Rodd was previously chief financial officer at Equipsuper and has 30 years financial services experience.
His role includes compliance and superannuation license requirements, and driving business in the trustee for partnership sector.
He will report to the head of private wealth services Geoffory Rimmer, and will be supported by seven team members in Sydney and Melbourne.
Equity Trustees’ appointment as custodian brings total superannuation fund assets in Equity Trustees’ corporate responsible superannuation entity (RSE) business to $2.2 billion.
The two funds have announced the signing of a non-binding MOU to explore a potential merger.
The board must shift its focus from managing inflation to stimulating the economy with the trimmed mean inflation figure edging closer to the 2.5 per cent target, economists have said.
ASIC chair Joe Longo says superannuation trustees must do more to protect members from misconduct and high-risk schemes.
Super fund mergers are rising, but poor planning during successor fund transfers has left members and employers exposed to serious risks.