POWERED BY MOMENTUM MEDIA
LESF chooses Diversa as trustee and administrator
The trustee of the $78 million Queensland legal services industry fund Law Employees Superannuation Fund (LESF) has announced it will join the Diversa Group subject to approval by the Australian Prudential Regulation Authority (APRA).
Following authorisation, Diversa Group-owned Corporate Combined Superannuation Limited (CCSL) will be appointed as trustee of LESF subject to a number of conditions relating to insurance coverage, entering into and/or novating service provider agreements and related matters.
The changes, which are expected to be completed early in the 2014 financial year, include transfer of LESF's administration services to Diversa as well.
Diversa's managing director Stuart Korchinski said the LESF trustees had selected Diversa as the best way forward for its members as Stronger Super reforms were rolled out this year.
"This proposition is underpinned by a commitment to cap fund costs to members and the availability of a suite of valuable service capabilities across superannuation trusteeship, marketing, product management, administration, investments and insurance," he said.
"This arrangement was seen as a simple and cost-effective response to Stronger Super obligations."
Korchinski said the recent appointment took to 22 the number of funds to which Diversa provided specialist products and services. He said funds under management, trusteeship and administration had now reached $1.4 billion.
"The selection of Diversa to supply these services provides further validation of Diversa's growth strategy," he said.
Diversa bolstered its superannuation administration business with the acquisition of CCSL from Prime Super in April 2011 and the purchase of SuperAdmin Services from McCouaig and Co Pty Ltd in September 2011.
It provides administration and promotion services to the Transport Industry Superannuation Fund and trustee, and fund and group life insurance administrator services to OneStep SUPER.
AUTHOR
Staff Writer
Money Management staff writers are writers who contribute to the website from time to time. If you would like to discuss the content contained within this article please contact us.
Recommended for you
A major super fund has defended its use of private markets in a submission to ASIC, asserting that appropriate governance and information-sharing practices are present in both public and private markets.
A member body representing some prominent wealth managers is concerned super funds’ dominance is sidelining small companies in capital markets.
Earlier this month, several Australian superannuation funds fell victim to credential stuffing attacks, which saw a small number of members lose more than $500,000.
Small- to medium-sized funds have become collateral damage in an "imperfect" model for super industry levies, a financial institution has said.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
DomaCom DFS Mortgage
93.34 3 y p.a(%)
2
Global X GlobalX FANG+ ETF
37.15 3 y p.a(%)
3
GAM LSA Private Shares AU I
33.96 3 y p.a(%)
4
Fidante Credit Suisse Global Private Equity
29.68 3 y p.a(%)
5
Plato Global Alpha A
28.73 3 y p.a(%)
