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LESF transfers to Diversa
The trusteeship and administration of $78 million Queensland legal industry fund, Law Employees Superannuation Fund (LESF), has been transferred to Diversa Limited.
Its 3800 members will join the members of 22 other super funds to whom Diversa provides specialist products and services.
"We will now apply the Diversa management framework that we use with the other funds that we promote, to LESF," Diversa group managing director Stuart Korchinski said.
"That framework has, for example, seen Diversa increase the number of TIS/Transport Super's large employers by 30 per cent since March 2013, and our investment services delivered a 17.6 per cent investment return (net of investment fees) for the balanced strategy of the Managed Australian Retirement Fund for the year ended 30 June 2013, which is above median."
The transfer of LESF has brought Diversa's funds under management and administration to approximately $1.5 billion.
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