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Launceston City all square with Quadrant
Tasmanian-based superannuation fund Quadrant has scored a breakthrough, being selected by the Launceston City Council to handle the outsourcing of the City of Launceston Employees Super Fund.
Quadrant chief executive Wayne Davy said under the arrangement, the 450 member, $40 million Launceston Employees Fund would transfer to Quadrant from July 1, this year.
He said the move reflected the increasing trend for corporate funds to join larger industry funds to benefit from the economy of scale and additional services and benefits offered by a larger fund.
Commenting on the move, Launceston City Council chairman alderman Graeme Beams said new legislative requirements made it impossible to continue to operate the fund on a standalone basis.
He said Quadrant and the council had agreed to form a policy committee so that employee entitlements and council interests could be monitored during the transition period.
AUTHOR
Mike Taylor
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