Equity Trustees has announced its intention to combine its superannuation trustee services (STS) and corporate trustee services (CTS) businesses to operate under the corporate and superannuation trustee services (CSTS) banner.
According to the firm, the combined business will have almost $150 billion in funds under supervision.
Mick O’Brien, Equity Trustees managing director, said it makes “good commercial sense” to bring the two arms together due to considerable similarities between the superannuation business and the fund services function within CTS.
“We see very clear alignment of the operating models and there is an opportunity to capitalise on the strengths of each business,” Mr O’Brien explained.
He said the business will be simplified into two clear markets – a wholesale or corporate business in the combined CSTS and a private client-focused business in trustee and wealth services (TWS).
“It also makes sense given the increased scale of our TWS business following the successful acquisition of Australian Executor Trustees.
“This new business structure will enhance our ability to deliver on our strategic objectives and vision to be Australia’s leading trustee services provider.”
Andrew Godfrey, current executive general manager (EGM), STS, is set to transition to CSTS EGM.
“Andrew has the leadership, breadth of experience, relationships, and background to take on this expanded role,” Mr O’Brien commented on Mr Godfrey’s upcoming promotion.
The firm clarified that its governance – including the clear separation of decision making for each licensed entity – and financial reporting structure would not change following the consolidation.
Equity Trustees also announced that after 18 years at the firm, CST EGM Russell Beasley has decided to transition to retirement.
Stepping away from his current position, he will take up the role of deputy EGM, fund services.
“Russell has played a critical role in leading us to be the number one provider of responsible entity services in Australia, and we are delighted that we will continue to benefit from his expertise as he transitions to retirement,” Mr O’Brien said.
“Equity Trustees will continue to benefit from Russell’s wealth of experience, industry knowledge, capability, and the exceptionally strong client relationships he has formed over the years.”
Last month, Equity Trustees was appointed both the responsible entity for Blackwattle Investment Partner’s inaugural range of funds, and the superannuation trustee of Future Super.