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ART signs $4.3bn Woolworths SFT
Australian Retirement Trust (ART) has signed a successor fund transfer (SFT) with Woolworths Group and Endeavour Group to hit $260 billion.
ART said it is the second-largest SFT that ART has undertaken, bringing in $4.3 billion and 25,000 new members.
It moved over to ART from AMP where it terminated a $4 billion contract for corporate super services.
It has also welcomed members from Oracle and The Lottery Corporation that brought in 2,500 new members.
ART’s chief commercial officer, Dave Woodall, said: “The Woolworths decision came soon after Australia Post also transitioned its staff superannuation arrangements to Australian Retirement Trust, with $8 billion and 28,000 members transferred.
“At Australian Retirement Trust, our vision is to be Australia’s most chosen and trusted retirement partner, and our recent mergers signal the confidence from corporate Australia in what we offer.
“Our offering is twofold in that it supports both employers and employees. Being member-centric during a key moment – like transferring someone’s super account – is really important to instil confidence and engagement in the process. Ease in the relationship and our support is also important.”
As well as this, the fund is also in the process of transfers with Commonwealth Bank Group Super, AvSuper, and Alcoa Super that are all expected to be completed in the current financial year.
The merger with AvSuper is currently expecting to sign a heads of agreement by the end of August and complete the merger in early 2024 while Alcoa Super signed a memorandum of understanding back in March.
ART said it expects to see $40 billion in inflows this financial year.
AUTHOR
Laura Dew
Laura Dew is editor at Super Review. Prior to joining SR, she spent five years working at Investment Week in the UK covering asset and wealth management.
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