POWERED BY MOMENTUM MEDIA
(September-2003) More industry funds enter outsourcing race
Three large industry funds — the Superannuation Trust of Australia (STA), the Australian Retirement Fund (ARF) and HOSTPLUS — are poised to separately launch new corporate super offerings later this year to take advantage of the outsourcing rush.
The most imminent launch in September or October will be STA’s offering, to be called STA Corporate, which will open with three initial clients: BHP Steel ($150 million), PZ Cussons ($6 million) and Racing Victoria (a start-up fund).
STA CEO Mark Delaney says the offering aims to provide a real alternative to the high cost master trusts and banks which have dominated the corporate superannuation market for so long.
HOSTPLUS executive officer David Elia also confirms that his fund, which has 520,000 members and assets of $2.2 billion, plans to launch a master trust aimed at the management sector in the hospitality industry towards the end of the year.
Meanwhile, ARF CEO Ian Silk says his fund’s plans are well advanced. “We are in the interesting position where our standard offering has already been very successful in the corporate market,” he says.
AUTHOR
Zilla Efrat
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