Major NSW-based electricity industry superannuation fund, Energy Industries Superannuation Scheme (EISS) has announced its intention to sell its administration business, FuturePlus Financial Services Pty Ltd.
The sale has been confirmed by EISS chief executive, Alex Hutchison who said the decision had been based on a review of the fund's investments and an analysis that EISS was "not its natural owner".
"FuturePlus would be better suited to a company whose primary focus is the provision of administration and other financial services that wishes to add or is looking to achieve scale in an industry that is rapidly consolidating," he said.
The decision to sell FuturePlus also appears to follow on from the failed merger between EISS Local Government Super.
