Asgard wins corporate super business
Asgard’s corporate superannuation business has pulled off a big victory in the lead up to choice of fund, becoming the default superannuation provider for Ernst & Young’s 3,500 Australian staff.
Asgard’s win, which came after a tender in which it beat 30 other providers, takes its corporate super funds under management to $1.5 billion, representing a growth of 32 per cent since January 2004.
The chief executive of Asgard’s parent Sealcorp, Geoff Lloyd, said recent improvements to the Asgard platform was helping it win corporate business.
“Asgard offers portfolio options, which have been performing extremely well, as well as individual funds to complement these. This selection, along with the significant investment we have made in our administration platform and Employer Online system, means we cater for a broad variety of investors and superannuants — from those who seek a ‘set and forget’ investment strategy, to those wanting a more active selection,” he said.
Ernst & Young will retain ING as its insurer. ING was ineligible to contest the super contract, because its existing audit and fund manager relationship with Ernst & Young disqualified it under the accountant’s conflict of interest rules.
AUTHOR
Michael Bailey
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