Equity Trustees partners with CMLA

3 October 2019
| By Oksana Patron |
image
image
expand image

Equity Trustees has entered into agreements with The Colonial Mutual Life Assurance Society (CMLA) which will increase total funds under supervision to more than $100 billion.

Under the terms of the agreements, EQT subsidiary Equity Trustees would take on the trustee role for $10.5 billion of CMLA’s assets while another subsidiary, Equity Trustees Superannuation Limited (ETSL), would become the registrable superannuation entity (RSE) licensee for $4.5 billion of superannuation funds.

Additionally, CMLA and ETSL signed an agreement under which ETSL would continue to operate as administrator and life insurer of these funds.

“Each appointment is independent, and the funds will be overseen by separate specialist subsidiary trustee companies,” EQT Holdings’ managing director, Mick O’Brien said.

“In our superannuation and responsible entity businesses, our focus is on looking after the rights of members and unitholders within funds, independent of all other parties.

“Our recent investment in resources, including senior personnel and technology, strengthens our ability to support opportunities such as this. We look forward to partnering with CMLA.”

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest developments in Super Review! Anytime, Anywhere!

Grant Banner

From my perspective, 40- 50% of people are likely going to be deeply unhappy about how long they actually live. ...

1 year ago
Kevin Gorman

Super director remuneration ...

1 year ago
Anthony Asher

No doubt true, but most of it is still because over 45’s have been upgrading their houses with 30 year mortgages. Money ...

1 year ago

The future of superannuation policy remains uncertain, with further reforms potentially on the horizon as the Albanese government seeks to curb the use of superannuation ...

7 hours 35 minutes ago

Super funds had a “tremendous month” in November, according to new data....

4 days 6 hours ago

Australia faces a decade of deficits, with the sum of deficits over the next four years expected to overshoot forecasts by $21.8 billion....

4 days 11 hours ago