Equity Trustees partners with CMLA
Equity Trustees has entered into agreements with The Colonial Mutual Life Assurance Society (CMLA) which will increase total funds under supervision to more than $100 billion.
Under the terms of the agreements, EQT subsidiary Equity Trustees would take on the trustee role for $10.5 billion of CMLA’s assets while another subsidiary, Equity Trustees Superannuation Limited (ETSL), would become the registrable superannuation entity (RSE) licensee for $4.5 billion of superannuation funds.
Additionally, CMLA and ETSL signed an agreement under which ETSL would continue to operate as administrator and life insurer of these funds.
“Each appointment is independent, and the funds will be overseen by separate specialist subsidiary trustee companies,” EQT Holdings’ managing director, Mick O’Brien said.
“In our superannuation and responsible entity businesses, our focus is on looking after the rights of members and unitholders within funds, independent of all other parties.
“Our recent investment in resources, including senior personnel and technology, strengthens our ability to support opportunities such as this. We look forward to partnering with CMLA.”
Recommended for you
Clime Investment Management has faced shareholder backlash around “unsatisfactory” financial results and is enacting cost reductions to return the business to profitability by Q1 2025.
Amid a growing appetite for alternatives, investment executives have shared questions advisers should consider when selecting a private markets product compared to their listed counterparts.
Chief executive Maria Lykouras is set to exit JBWere as the bank confirms it is “evolving” its operations for high-net-worth clients.
Bennelong Funds Management chief executive John Burke has told Money Management that the firm is seeking to invest in boutiques in two specific asset classes as it identifies gaps in its product range.