Equity Trustees has enjoyed a recent period of success, with one achievement in particular being labelled a “milestone” for the group.
Earlier this month, the company reported a record year of growth for its superannuation trustee business, which, as of last month, surpassed $50 billion in funds under supervision.
During FY2023, Equity Trustees saw a 29 per cent lift in funds under supervision to $44.8 billion, while its member count rose by 61,000 to over 630,000.
According to Andrew Godfrey, executive general manager of the recently combined corporate and superannuation trustee services division of Equity Trustees, the company is moving from strength to strength.
“That’s a great basis for the continued growth of the superannuation trustee part of the Equity Trustees group,” Mr Godfrey told ifa.
“Our success is lock step in line with the success of the superannuation funds themselves and the trust placed in them by members.”
Mr Godfrey also noted that the firm’s success reflects increased demand for external trustees.
“An independent external trustee for superannuation funds remains less common across the industry as most funds retain an internal trustee function – but increasingly, many are seeing the value of external oversight,” he said.
“So, we’ll look forward to being in a position to share our next appointment – and our next milestone – when it comes.”
According to the latest Australian Prudential Regulation Authority (APRA) statistics for June 2023, superannuation in Australia has grown to around $3.5 trillion over the last financial year, up by 7.6 per cent over the prior year.
“This growth is also consistent with what we’ve seen in our super business, which clocked up 630,000 superannuation fund members at 2023 year-end – representing an increase of 61,000 members since 30 June 2022, and more significant growth since 2017 when we started with around 93,000 members,” Mr Godfrey said.
The firm’s trustee team now boasts a 40-strong team of experts in superannuation-focused oversight and performance, risk and compliance, regulation, claims resolution and governance.
“We have led the way in the emerging market for superannuation funds who want to keep the trustee function at arm’s length from the business of promoting, managing, and administering superannuation funds,” Mr Godfrey said.
“The successful application of our trustee experience – traditionally provided to individuals and families – but now provided to corporate and superannuation sectors, confirms our dedication to being Australia’s leading trustee company.”