The holding company for Equity Trustees, EQT Holdings, has announced that it has finalised the acquisition of Zurich’s Australian superannuation trustee, Zurich Australian Superannuation (ZAS).
The acquisition deal was signed on 25 February and completed on 21 March.
ZAS is the superannuation trustee for the Zurich Master Superannuation Fund, which has approximately $1 billion in funds under trusteeship and 18,000 members across traditional, accumulation and pension products.
The research house has offered a silver lining after super fund returns saw the end of a five-month streak last month.
A survey of almost 6,000 fund members has identified weakening retirement confidence, particularly among those under 55 years of age, signalling an opportunity for super funds to better engage with members on their retirement journey.
The funds have confirmed the signing of a successor fund transfer deed, moving closer to creating a new $29 billion entity.
A number of measures, including super on Paid Parental Leave, funding to recover unpaid super, and frameworks to encourage investment in the energy transition, have been welcomed by the superannuation industry.
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