Super funds outsource ahead of choice

insurance/superannuation-funds/super-funds/chairman/director/

16 November 2004
| By Craig Phillips |

A trio of superannuation funds totalling collective assets of nearly $700 million and more than 13,000 members today announced their decisions to outsource the operation of their funds ahead of the choice of fund regime commencing next year.

The $120 million Anglican Super Fund Sydney, which has 3,000 members, is to roll into the AMP SignatureSuper corporate super master trust, while both the $350 million Nestle and $180 million George Weston Foods Superannuation Funds have appointed Russell Investment Group.

The Nestle and George Weston deal will see Russell providing the funds with consulting and administration services, with both funds stating technology and a client-focused model were core elements of their decision to outsource.

“In the era of choice of fund, we are more focused than ever on ensuring the outsourcing decisions made by fund trustees ultimately meet the needs and expectations of the members,” Russell director Mark Blair said.

Meanwhile the AMP deal with Anglican Super will see members continue to access the suite of ethical investments offered by the fund despite being absorbed into AMP Corporate Superannuation.

These investments will form the base of a wider menu of multi-manager options within AMP’s new Responsible Leaders Fund, and will be built on the strong ethical philosophy refined over 40 years by the Anglican Super Fund Sydney investment committee.

Anglican Super Fund Sydney chairman, James Flavin, was pleased the fund would be able to keep its identity along with its ethical investment approach and flexible insurance arrangements.

“In addition, we now have a whole new range of services that we could not have previously offered, such as online account access for members, improved education services and special offers for members,” Flavin said.

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

So we are now underwriting criminal scams?...

2 months 2 weeks ago

Glad to see the back of you Steve. You made financial more expensive, not more affordable as you claim, and presided ...

2 months 3 weeks ago

Completely agree Peter. The definition of 'significant change is circumstances relevant to the scope of the advice' is s...

4 months 3 weeks ago

ASIC has suspended the Australian Financial Services Licence of a Melbourne-based financial advice firm....

1 week 2 days ago

The corporate regulator has issued infringement notices to three AFSLs whose financial advisers provided personal advice to a retail client while unregistered....

2 weeks ago

ASIC has released the results of its first adviser exam to be held in 2025, with 241 candidates attempting the test....

2 weeks 5 days ago

TOP PERFORMING FUNDS

ACS FIXED INT - AUSTRALIA/GLOBAL BOND