News Limited outsources super to Russell
In what represents one of the largest corporate superannuation outsourcing arrangements ever to occur in Australia, the big News Limited superannuation fund, NewsSuper, has announced it will be moving under the Russell Investment Group umbrella.
The move, announced today, will see the $700 million fund move within the Russell SuperSolution Master Trust from 31 March.
According to News Limited’s group human resources director Keith Brodie, the move was prompted by a decision to move away from the management of superannuation.
He said the 8,000 member fund had been administered by Towers Perrin since 2001 with Russell having been its asset consultant since July 2003.
“We concluded that with the advent of choice and the ongoing changes to Government regulation and associated compliance burden, we were better of leaving it to the experts,” Brodie said.
The News Limited fund will be specially managed as a separate sub-section of the Russell SuperSolution Master Trust.
AUTHOR
Mike Taylor
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