Towers Perrin to administer News Ltd superannuation
Towers Perrin will take on the administration, actuarial and consulting services for the News Limited superannuation funds after the media group decided to switch from its current administrators W M Mercer.
News Limited has three funds with a combined total of over $1 billion in assets under management held by around 11,000 members.
The decision to switch administrators was made by the trustees of the funds in late December with Towers Perrin set to take on the administration in two stages in March and July. However, News Limited will retain W M Mercer for asset consulting services.
Towers Perrin managing director David Solomon says the addition of News Limited to its client base was a coup for the company which already supplies administration services to a number of large corporate funds including Australia Post and BHP.
"The supply of services for these funds did not go out to tender and so we are excited that it is moving to us from Mercer, who are also a very big player in this market," Solomon says.
"It is fairly complex and so we have to do a good job, but this is the type of fund we are geared for and New Limited recognises we have the capabilities."
AUTHOR
Jason Spits
Recommended for you
The financial services technology firm has officially launched its digital advice and education solution for superannuation funds and other industry players.
The ETF provider has flagged a number of developments as it formally enters the superannuation space through a major acquisition.
While all MySuper products successfully passed the latest performance test, trustee-directed products encountered difficulties.
Iress has appointed Insignia Financial’s former general manager of master trust and insurance products as its newest CEO of superannuation, who will take over from Paul Giles.
