Financial services company Top Quartile Management, a subsidiary of Financial Synergy, has awarded Trust Company Superannuation Services a $200 million mandate to act as a trustee for a number of superannuation funds.
Austock Brokers Super Fund, GrowSuper, Model Super Fund, Super Synergy Fund, Synergy Secure, Top Quartile Super Trusts and Wealthcare Super Service are among the super funds to be migrated to Trust Company Superannuation Services.
Financial Synergy will continue to administer these funds, while Trust Company Superannuation Services will oversee compliance investment of the fund's assets, communication, accounting and administration.
Trust Company Superannuation Services director Noel Davis said trustees were struggling to keep up with the stricter regulation of the superannuation industry.
"The regulatory expectations of trustees are becoming more exacting," Davis said.
"Compliance with the requirements can sometimes be more easily achieved by outsourcing the trustee function to specialist trustees who have the systems in place to be able to meet the regulatory obligations and who can spread over a number of funds."
Trust Company Superannuation Services executive general manager of institutional Vicki Allen said the mandate was a significant business win for the company.
"With the ongoing financial market crisis there has never been a more important time to ensure that investors' interests are independently represented," she said.
Trust Company Superannuation Services, a a subsidiary of Trust Company Limited, has over $20 billion and more than 60 superannuation funds under trusteeship.
