Trust Company departs master trust market
Trust Company of Australiahas exited the master trust industry following a decision to outsource the Trust Superannuation Master Plan toSMF Funds Management.
Trust general manager strategy and business development Stephen Trompp says the decision to rollover the platform, which has over $100 million of assets under administration, was an issue of scale and the desire to offer clients improved service.
Under the arrangement, the assets from the Trust Superannuation Master Plan have been transferred to the SMF Master Trust - The Spectrum Plan.
Only last week SMF picked up the Tasmanian-basedRoberts Superannuation Fund, and the group now has $2.3 billion in funds under administration.
SMF managing director Chris Kelaher said SMF continues to benefit from the ongoing trend to outsource corporate superannuation.
“The industry’s trend to consolidation continues unabated. Master trust operations are a highly specialist area and the [latest] fund transfer is further recognition of SMF’s 23 years of industry experience,” Kelaher says.
SMF’s member base grew 28 per cent to 106,524 in the 12 months to January 2004.
SMF, through its sister company United Funds Management Ltd, also manages its own range of sector and diversified unit trusts.
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