Equity Trustees and Aon in $5.2 billion super alliance
Sydney, 23 October, 2017 – EQT Holdings Ltd (ASX: EQT), the holding company for Equity Trustees, and Aon today announced they had entered into an alliance that will create a $5.2 billion superannuation partnership to service Australia’s rapidly growing superannuation market.
Equity Trustees and Aon will merge the Aon Master Trust and The Executive Superannuation Fund, subject to the approval of the funds' trustee boards.
Under the alliance, Equity Trustees will assume responsibility for the trustee services (subject to approval from the regulator) and Aon will assume responsibility for products and distribution.
Aon is a leading global professional services firm providing a broad range of risk, retirement and health solutions. The Aon Master Trust is an award-winning superannuation fund offering superannuation, retirement and lifestyle products and services to corporate clients, self-employed individuals and individual savers.
Equity Trustees is Australia's leading specialist trustee company and operates The Executive Superannuation Fund.
Equity Trustees Managing Director Mick O’Brien said the alliance would allow both groups to offer Australians innovative retirement solutions, using the strengths and capabilities of each organisation and was consistent with Equity Trustees’ strategy to focus on its core fiduciary capability.
"With $130 billion in funds under management globally, Aon brings international expertise to superannuation solutions at a time when the industry is increasingly moving to a global outlook," Mr O'Brien said.
Aon Hewitt Pacific Chief Executive Officer Steven Gaffney said the alliance would allow Aon to offer alternative, flexible and independent solutions to its members. "Equity Trustees brings its specialist independent trustee skills to an industry that is growing, and increasingly dependent on capable and trustworthy oversight," he said.
"The relationship with Equity Trustees means we can empower our members and provide access to a broader range of products and services to secure a better future for themselves.
"The increased breadth and depth of the fund means we will be positioned to offer even greater advantages for our members, including lower costs and increased buying power to provide superior investment options."
Aon plc (NYSE:AON) is a leading global professional services firm providing a broad range of risk, retirement and health solutions. Our 50,000 colleagues in 120 countries empower results for clients by using proprietary data and analytics to deliver insights that reduce volatility and improve performance.