Equipsuper has merged with yet another fund, adding 5,000 members and just under $1 billion to its assets.
Equipsuper will take over 5,000 members and $860 million in assets from corporate superannuation scheme Toyota Super.
Toyota Super will become a sub-fund of Equip on 1 May this year.
The move was being made in the best interests of members and would provide greater investment and administration scale, Toyota Super chair Rob Purcell said.
“Toyota Super has served members’ interests very well,” Purcell said.
“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,” 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 – Scott Cameron, CEO, Togethr
Last year, Equipsuper merged with Catholic Super, increasing its assets to $28 billion and 150,000 members. The two funds joined under the banner of Togethr Trustees, the managing trustee group that also includes My Life, My Super.
The merged entity appointed Anna Shelley, the former Chief Investment Officer (CIO) of Catholic Super, as its new CIO in 2019, ahead of the merger.
The two transactions are part of a strategy of scalable growth which has been a core objective since the formation of Togethr Trustees, Scott Cameron,Chief Executive Officer of the group, said.
“Our aim is to grow to $50-billion in funds and roughly double our membership to 300,000 in the next five years,” Cameron said.
It is not the first time Equipsuper has merged with a corporate plan. In 2017, the fund took over Rio Tinto Staff Superannuation Fund.
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