POWERED BY MOMENTUM MEDIA
Toyota Super to merge with Equipsuper
Toyota Super will merge with Equipsuper as the requirements for running a stand-alone corporate super fund are becoming increasingly difficult.
The successor fund transfer would be effective 1 May with Toyota Super becoming a sub-fund of Equip. The merged fund would manage $860 million in retirement savings to 5,000 members and would provide greater investment and administration scale.
Toyota Super chair, Rob Purcell, said: “Toyota Super has served members’ interests very well. However, the requirements for running a stand-alone corporate superannuation fund are becoming increasingly difficult, largely due to complex and changing superannuation regulations. We are confident this move can provide even better member outcomes.
“Equipsuper is a great partner, offering members excellent benefits, economies of scale, value for money, investment expertise and high-quality member services.”
Chief executive of the joint venture, Scott Cameron, said the move was part of a strategy of scalable growth.
“We’re open for business,” he said. “Our aim is to grow to $50 billion in funds and roughly double our membership to 300,000 in the next five years.”
Recommended for you
Super funds had a “tremendous month” in November, according to new data.
Australia faces a decade of deficits, with the sum of deficits over the next four years expected to overshoot forecasts by $21.8 billion.
APRA has raised an alarm about gaps in how superannuation trustees are managing the risks associated with unlisted assets, after releasing the findings of its latest review.
Compared to how funds were allocated to March this year, industry super funds have slightly decreased their allocation to infrastructure in the six months to September – dropping from 11 per cent to 10.6 per cent, according to the latest APRA data.
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
31.73 3 y p.a(%)
4
Fidante Credit Suisse Global Private Equity
30.15 3 y p.a(%)
5
DomaCom 4/27 Crombie Avenue Bundall QLD 4217 Australia
26.71 3 y p.a(%)
