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(February-2002) Boral looks for BEST deal
The Boral group is considering outsourcing its two super funds, the Boral Employees Superannuation Trust (BEST) and the Boral Superannuation Plan (BSP), which together have assets of $430 million, to a master trust.
Tender consultant Warren Chant, a principal at Chant West, confirms that the group has invited six service providers to tender: BT, Plum, Colonial, Mercer, Towers Perrin and Deutsche Bank.
The tender, the third largest full outsourcing deal in Australian super history, could also become the biggest to be won by a master trust.
So far, the largest fund to take the full outsourcing plunge is the $650 million OneSteel super fund. It did not, however, go to a master trust, but to Towers Perrin’s SuperSolution. Its thunder is set to be stolen by the outsourcing of the BHP Steel super arrangements, which have assets of around $700 million.
The largest tender actually won by a master trust — the Mercer Retirement Trust — was that for the John Fairfax and Age super funds, which had combined assets of around $350 million and 5,500 members.
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