Super funds outsource ahead of choice
A trio of superannuation funds totalling collective assets of nearly $700 million and more than 13,000 members today announced their decisions to outsource the operation of their funds ahead of the choice of fund regime commencing next year.
The $120 million Anglican Super Fund Sydney, which has 3,000 members, is to roll into the AMP SignatureSuper corporate super master trust, while both the $350 million Nestle and $180 million George Weston Foods Superannuation Funds have appointed Russell Investment Group.
The Nestle and George Weston deal will see Russell providing the funds with consulting and administration services, with both funds stating technology and a client-focused model were core elements of their decision to outsource.
“In the era of choice of fund, we are more focused than ever on ensuring the outsourcing decisions made by fund trustees ultimately meet the needs and expectations of the members,” Russell director Mark Blair said.
Meanwhile the AMP deal with Anglican Super will see members continue to access the suite of ethical investments offered by the fund despite being absorbed into AMP Corporate Superannuation.
These investments will form the base of a wider menu of multi-manager options within AMP’s new Responsible Leaders Fund, and will be built on the strong ethical philosophy refined over 40 years by the Anglican Super Fund Sydney investment committee.
Anglican Super Fund Sydney chairman, James Flavin, was pleased the fund would be able to keep its identity along with its ethical investment approach and flexible insurance arrangements.
“In addition, we now have a whole new range of services that we could not have previously offered, such as online account access for members, improved education services and special offers for members,” Flavin said.
Recommended for you
Next year will see AMP roll out an end-to-end solution for its North platform, marking a shift in the firm’s position within the advice technology sector and building on adviser feedback.
My Dealer Services is predicting strong growth in self-licensing next year, citing recent ASIC action against Interprac and the desire for independence as key drivers of the self-licensing trend.
ASIC has handed down a six-month AFSL suspension to MW Planning after the firm failed to replace its banned responsible manager.
Despite the year almost at an end, advisers have been considerably active in licensee switching this week while the profession has reported a slight uptick in numbers.
