Equip and AustralianSuper pair up
Two of Australia's superannuation juggernauts, Equip and AustralianSuper, have formed a strategic alliance which will see Equip managing the retirement plans of around 2000 AustralianSuper members.
Under the partnership, AustralianSuper will outsource the management of defined benefit plans to Equip, while it focuses on boosting its corporate client base.
From next year onwards, Equip will manage the plans of around 2000 extra members, with $700 million in assets.
They believe it will be a fairly straightforward transition, with both of the companies' defined benefit plans currently managed by Mercer.
Both parties stressed the alliance would not preclude either from separate "growth opportunities".
"This alliance is an exciting opportunity for both funds to pursue new business from corporate funds that retain cohorts of accumulation and defined benefit members," Equip chief executive officer, Danielle Press, said.
"AustralianSuper gains the benefit of proven and cost‐efficient defined benefit investment and administration, while it opens up opportunities for us to partner with a high‐profile and nationally recognised superannuation brand in winning major new corporate plans.
"Our alliance improves our value proposition for employers who have both defined benefit and accumulation employees. They will benefit from having access to specialist knowledge and support across all aspects of their corporate plans," she said.
AustralianSuper's Group Executive, Membership, Paul Schroder, added: "Our alliance with Equip is a positive step in the two funds working together to develop a more responsive corporate offering that will deliver benefits to our more than two million members across the business".
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