A trustee has been appointed to AMP Life's superannuation funds, which hold more than $7 billion, following the sale of AMP Life to Resolution Life.
Equity Trustees will be trustee for the super funds, replacing current trustees N M Superannuation and AMP Superannuation.
AMP Life super funds are held by more than 340,000 Australians. AMP announced the completion of the sale of its life insurance business to Resolution Life today.
"The appointment to AMP Life confirms Equity Trustees as the leading provider of independent superannuation trustee services in Australia," Equity Trustees managing director Mick O'Brien said.
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"It also marks another leading financial services firm choosing Equity Trustees to provide its specialist fund governance services."
He added that there is an increasing trend to outsource the trustee role, both in Australia and overseas.
"The role of trustee has not been well understood, but its value is becoming more appreciated; it must balance technical expertise in the complexities of governance and regulation, with great judgement. This is the essence of being a trustee," O'Brien said.
Following this appointment, Equity Trustees is now responsible for over $20 billion in superannuation assets for more than 700,000 members overall.
The sale was first announced in October 2018 with the completion date set for the second half of 2019. However, it was delayed by an objection raised by the New Zealand central bank in July 2019.
The sale has now been processed for $3 billion, $2.5 billion cash and a $500 million equity interest in Resolution Life Australia.
AMP expects the net proceeds to increase AMP's capital in excess of target surplus by approximately $1.1 billion.
APRA has now registered the new non-operating holding company Resolution Life as the holding company of AMP Life and the National Mutual Life Association of Australasia under the Life Insurance Act 1995.