POWERED BY MOMENTUM MEDIA
(March-2003) Engineers weld new alliance
Investment services group 20/20 Funds DirectInvest has joined forces with the Institution of Engineers Australia to launch a new industry super fund, the Engineers Employer Superannuation Plan (EESP), for employers of the institution’s 65,000 members.
The fund will operate through Colonial First State’s FirstChoice Employer Super via a special deal that reduces annual management fees by up to one third, eliminates entry and exit fees and offers 36 investment options across all asset classes.
DirectInvest hopes to secure $30-40 million in funds under administration by the end of the first year of EESP’s operation, and has received enquiries about the fund from companies ranging in size from 20 to 130 employees.
DirectInvest’s managing director Michael Lannon says: “Our research indicated that many members of the Institution of Engineers Australia employed by small to medium enterprises were accessing employer super through expensive master trust platforms with entry fees of up to five per cent.
“Where this fund really works is where a company has a super fund of a couple of million dollars, with no fee breaks. By working with us, they get to maintain their own plan, and by aggregating with other funds, they get lower fees on the same scale as they would in larger companies or larger funds.”
According to Lannon, the direct savings for employees created by the fee structure could result in a young engineer receiving 29 per cent more super at retirement age.
Recommended for you
Governor Michele Bullock took a more hawkish stance on Tuesday, raising concerns over Donald Trump’s escalating tariffs, which sent economists in different directions with their predictions.
Equity Trustees has announced the appointment of Jocelyn Furlan to the Superannuation Limited (ETSL) and HTFS Nominees Pty Ltd (HTFS) boards, which have oversight of one of the companies’ fastest growing trustee services.
Following growing criticism of the superannuation industry’s influence on capital markets and its increasing exposure to private assets, as well as regulators’ concerns about potential risks to financial stability, ASFA has released new research pushing back on these narratives.
A US-based infrastructure specialist has welcomed the $93 billion fund as a cornerstone investor.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
Global X GlobalX FANG+ ETF
33.51 3 y p.a(%)
2
Spire Oaktree Opportunities XI Second Close
32.68 3 y p.a(%)
3
DomaCom Lot 21 Chellaston Road Munno Para West SA 5115 Australia
31.62 3 y p.a(%)
4
Spire Oaktree Opportunities XI First Close USD
31.36 3 y p.a(%)
5
Fidante Credit Suisse Global Private Equity
29.60 3 y p.a(%)
