AustralianSuper has picked up a major new corporate superannuation mandate, with New Zealand-based building products company Fletcher Building Limited outsourcing the funds covering workers at its Australian subsidiaries – Rocla, Laminex, Stramit and Fletcher Insulation.

The mandate represents a substantial win for AustralianSuper, which is the result of a recent merger between the Australian Retirement Fund and the Superannuation Trust of Australia.

The mandate involves around 2,900 employees and $200 million in funds under management.

Fletcher Building chief financial officer Bill Roest said AustralianSuper had been selected on the basis of its strong historical investment performance, solid investment process and low insurance costs.

The mandate means AustralianSuper’s corporate division now has 22,000 members and $1.2 billion in funds under management.