In a statement to InvestorDaily, Future Group confirmed on Thursday that the Zurich Master Superannuation Fund (ZMSF), comprising around 7,500 members and $800 million in FUM, will “shortly” merge into the group’s smartMonday offering under the Smart Future Trust.
The ZMSF brand will be retired as part of this transition, with all members moving to smartMonday.
In a separate move, the MLC Insurance Only division – used by approximately 97,000 members to fund life insurance premiums in a tax-effective structure – will also transfer into the Smart Future Trust from its current home in an Insignia-run fund.
The product also has superannuation accounts with FUM of just under $200 million, Future Group confirmed.
InvestorDaily understands that the MLC product, rebranded to Acenda, will retain its insurance policies under existing terms and conditions, with a new Acenda division created within the Smart Future Trust.
“MLC, now known as Acenda, will partner with us to keep their on-sale retail risk products in-market and available to members and their advisers,” Future Group told InvestorDaily.
“Acenda also has strong growth plans in the Australian market that we are looking forward to supporting … We have built a strong relationship with Acenda and are looking forward to a long-term partnership with both Acenda and their parent company in Japan, Nippon Life.”
This SFT is scheduled to be completed on 1 July 2025.
Commenting on the two deals, Future Group CEO Simon Sheikh said: “With our focus on centralising operations and creating a highly efficient superannuation platform across multiple brands, these transfers demonstrate that we are a favoured destination for funds looking to exit their super and insurance offerings and ensure members are supported.
“Combined, these transfers will see funds under management grow by just under $1 billion while increasing the number of members we serve to just under 500,000.”
Future Group prides itself on “redefining ethical investment through our focus on superannuation”.
“Our vision is for a future where all of Australia’s retirement savings contribute to positive social and environmental impacts.”
As at 31 December 2024, Future Group supported over 314,000-plus members, overseeing $16 billion in funds under management and advice across its brands.
