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(June-2002) Go west young man
Western Australia was recently a hive of corporate fund outsourcing activity with the Asgard Business Superannuation Master Trust and NSP Buck’s Future Link em erging victorious.
Asgard’s master trust picked up the superannuation arrangements of two Perth-based corporate funds: Anaconda, which has assets of $15 million and 400 members, and that of Asgard’s Perth-based parent, Sealcorp, which has 650 members and a further $15 million in assets. The gains bolster Asgard’s master trust’s assets to about $950 million.
Asgard is now targeting corporate super funds with assets up to $20 million through the independent intermediary network. Earlier this year, it announced it had won over several other corporate funds from companies like Hyundai, Multiplex and Revlon.
Meanwhile, NSP Buck’s Future Link has won the master trust contract for the BGC (Australia) Superannuation Fund, which has assets of $15 million and 2,000 members.
BGC is the fourth largest private company in Western Australia and the 10th largest building and construction company in Australia.
Future Link, which looks after $550 million in assets and 30,000 members, is a pooled superannuation trust offering packaged solutions to employers.
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