POWERED BY MOMENTUM MEDIA
Equity Trustees combines trustee businesses as it exits UK and Ireland
Equity Trustees will now have almost $150 billion in funds under supervision after it announced it will combine its superannuation trustee and corporate trustee services.
The combined business will be led by Andrew Godfrey, who has been executive general manager (EGM) of its super wing since February, under the title of EGM of corporate and superannuation trustee services.
According to the firm, there was “clear alignment” of the operating models offering an opportunity to capitalise on the strengths of each business.
Mick O’Brien, Equity Trustees managing director, explained: “This will simplify our overall business into two clear markets – a wholesale or corporate business in the combined corporate and superannuation trustee services and a private client-focused business in trustee and wealth services.
“It also makes sense given the increased scale of our TWS [trustee and wealth services] business following the successful acquisition of Australian Executor Trustees.
“This new business structure will enhance our ability to deliver on our strategic objectives and vision to be Australia’s leading trustee services provider.”
The fund announced today (15 August) that it will be exiting its UK and Ireland business in order to focus more on its corporate trustee business in Australia.
Additionally, Russell Beasley will take up the role of deputy EGM of fund services, with the remit of fund services relationship management. A veteran at the firm for 18 years, he has decided to transition to retirement, the firm added.
“Russell has played a critical role in leading us to be the number one provider of Responsible Entity services in Australia, and we are delighted that we will continue to benefit from his expertise as he transitions to retirement,” said O’Brien.
“Equity Trustees will continue to benefit from Russell’s wealth of experience, industry knowledge, capability and the exceptionally strong client relationships he has formed over the years.”
With this streamlined business, the firm reiterated that the governance, including a clear separation of decision making for each licensed entity, and the financial reporting structure would not change.
Equity Trustees was recently announced as the super trustee of Future Super, which includes Verve Super, and of Hejaz Group’s super and pension products.
It was also appointed responsible entity for Blackwattle Investment Partners’ first range of Australian equity products.
AUTHOR
Rhea Nath
Rhea L Nath is a journalist on Super Review and InvestorDaily, with a focus on funds management, superannuation, and institutional investment. Previously, she covered small business and entrepreneurship news at Dynamic Business and multicultural issues at Indian Link Media Group. In 2022, she was named Young Journalist of the Year at the NSW Premier’s Multicultural Communications Awards.
Recommended for you
The fund has hired a former ART executive as its new head of group strategy.
The sovereign wealth fund has revealed six internal hires to support the execution of key strategies.
The fund has announced the departure of a second senior executive in as many months, with its chief member officer to finish up mid-December.
The $89 billion fund has announced a new leadership role within its private markets team.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
Spire Oaktree Opportunities XI Second Close
61.07 3 y p.a(%)
2
Spire Oaktree Opportunities XI First Close USD
59.21 3 y p.a(%)
3
DomaCom Lot 21 Chellaston Road Munno Para West SA 5115 Australia
31.56 3 y p.a(%)
4
Fidante Credit Suisse Global Private Equity
31.06 3 y p.a(%)
5
DomaCom 4/27 Crombie Avenue Bundall QLD 4217 Australia
26.81 3 y p.a(%)
