Equity Trustees cleared to make acquisition
Equity Trustees has received approval from the Australian Prudential Regulation Authority to buy Sydney-based Mutual Benefit Consulting.
The acquisition was dependent on regulatory approval and Mutual will now be integrated into Equity’s business unit Equity Trustees Superannuation.
Mutual Benefit operates the mutualsuper master trust and administration service with almost $700 million of funds under administration.
Equity Trustees managing director Peter Williams said the company’s superannuation business has been growing steadily since 2003.
The unit now operates the Wealthpac Superannuation Service, Templetons Master Plan and Freedom of Choice Superannuation Master Fund, which was bought from Australian Unity last year.
“Through acquisition and through strategies aimed at leveraging the growth within the superannuation market we are now beginning to generate some scale in the business,” Williams said.
“Equity Trustees Superannuation contributes about 20 per cent of our total operating revenue, excluding gains on the sale of company portfolio investments.”
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