Equity Trustees acquires Wealthpac master trust
Melbourne-based fund managerEquity Trustees(EQT) has acquired the $110 million Wealthpac Access Master Trust.
The trust has 7,600 members and is comprised of employer superannuation, a group insurance pool, a pooled super trust and a public eligible rollover fund.
The deal involves a series of three tranche payments incorporating a mix of cash and EQT shares, with an initial payment representing 2.5 per cent of funds under management, comprising $1.25 million cash and $1.25 million in shares. However, EQT managing director Peter Williams declined to reveal the total purchase price of the master trust, as it is dependent on a number of factors going forward.
According to Williams the trust will continue to target corporate super.
“The new master trust is a natural fit for EQT and will provide new growth opportunities in our existing businesses, as well as into new markets interstate,” Williams says.
The acquisition also builds on the launch of a number of managed funds — one of which, the EQT Small Companies Fund, was the only small cap fund to receive a ‘Highly Recommended’ rating inLonsec’s annual review.
Williams hints that some of the EQT funds may be added to the investment menu of the Wealthpac master trust, but this will “only be done where appropriate”, and that the master trust will “still retain its ability to manage the funds in the best interests of the members”.
Current Wealthpac chief executive Robert Dillon will continue to drive the Sydney-based superannuation business, which has been acquired by EQT in totality, including administration systems, staff, business development, relationship management and compliance.
The acquisition is the company’s first major move since Williams was appointed managing director in February this year. Williams was previouslyPerpetual Trusteesgeneral manager superannuation and portfolio services, and is also currently national president of theTrustee Corporations Association of Australia.
Recommended for you
As larger Australian Financial Services licensees continue to expand their reach in an increasingly expensive industry to operate, how do smaller firms ensure they stay relevant and efficient?
HUB24 has added almost 600 advisers in the 2025 financial year as the platform capitalises on opportunities presented in wealth management.
Wealth Architects has acquired a Cairns-based advice practice as it seeks to expand its national advice presence.
While the overall gender wage gap has decreased slightly, the Financy Women’s Index reveals the gap has widened for employees in the financial and insurance services sector.
