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Industry funds eyeing corporate super accounts

Industry funds eyeing corporate super accounts

Tim Stewart
— 1 minute read

Equipsuper has beefed up its corporate super team in the hope of winning new business following the royal commission’s hearings into superannuation.

Industry Equip, which manages $15 billion for its 75,000 members, has appointed Charlie Yanni as a senior corporate growth manager.

The appointment had been made as Equip anticipates “more movement in the corporate superannuation sector following the revelations emerging from the royal commission,” according to the fund's executive officer for growth and corporate development John Farrington.

The retail super sector faced repeated questioning about its employer super funds during the recent round of royal commission hearings.

Counsel assisting the commissioner examined the conflicts of interest between the trustees and the corporate entities within IOOF, NAB and AMP, to name a few.

NAB told its members they could “negotiate” their fees when a simple phone call would have reduced them to zero, and CBA was found to have put the interests of its aligned advisers before those of its super members.

“There is no doubt that some in corporate Australia are thinking about whether their employees’ super is in the right hands, with what we have heard over the past fortnight,” Mr Farrington said.

Mr Yanni will bring years of experience in financial services to the Equip team and extend the fund’s reach into the corporate super market, he added.

Mr Yanni has held previous business development roles with LUCRF, REST and ME Bank.

 

Industry funds eyeing corporate super accounts
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