The $28 billion superannuation fund QSuper has assumed full ownership of financial planning firm Q Invest after QIC sold its 50 per cent interest in the business.
“In 2009, QIC reaffirmed its strategic focus to grow its wholesale investment management business,” Q Invest general manager Bill Danaher said.
“At the same time, the three organisations agreed that it would be in their best interests for QSuper to have full ownership of Q Invest.
“From our perspective it was a pretty straightforward and logical decision.”
QIC is one of Australia’s largest institutional fund managers, with more than 70 clients and $51.6 billion in funds under management.
QSuper’s more than 530,000 members are mainly current and former Queensland government employees.
Following the transaction, which was executed in August, QSuper and Q Invest would work together to boost services to the fund’s members, Danaher said.
“Ever since we started in 1994 we’ve been focused on members getting the very best financial advice and at a price they can afford. That remains a really important priority for us at Q Invest,” he said.
“By working even more closely with QSuper we can achieve an outcome which lets both organisations leverage opportunities around simple super advice.
“Ultimately, this relationship is all about the benefit to QSuper’s members.”
But he said there were no immediate plans to lift Q Invest’s financial adviser numbers.
Q Invest has around 30 advisers and funds under advice of about $6 billion.
QSuper said it looked forward to strengthening its partnership with Q Invest.
“We are strongly focused on helping our members grow their super by ensuring they have the information and advice needed to improve their retirement outcomes,” QSuper said in a statement.
“We look forward to continuing to work with Q Invest to deliver this vision.”
