Equity Trustees wins Colonial mandate

Equity Trustees has cracked $100 billion in funds under supervision, after striking an agreement with Colonial Mutual Life Assurance Society effective October 1.

Equity Trustees Limited is taking over as the trustee of $10.5 billion of CMLA's assets.

Another subsidiary, Equity Trustees Superannuation Limited (ETFSL) will take over as the responsible superannuation entity for $4.5 billion of superannuation funds.

CMLA will continue to be the administrator and life insurer for these funds.

EQT Holdings managing director Mick O'Brien said the agreements and crossing $100 billion was a significant milestone for the company.

"Each appointment is independent, and the funds will be overseen by separate specialist subsidiary trustee companies," O'Brien said.

"In our superannuation and responsible entity business, our focus is on looking after the rights of members and unitholders within the funds, independent of all parties.

"Our recent investment in resources, including senior personnel and technology, strengthens our ability to support opportunities such as this. We look forward to partnering with CMLA."

Earlier this week, First Sentier (formerly CFSGAM) chose Perpetual's Trust Company as the responsible entity for its first fund launches after the sale from CBA to MUFG settled.

Read more: Equity TrusteesCMLAColonial Mutual Life Assurance SocietyCBACFSGAMEQT HoldingsFirst SentierMick O'BrienMUFGTrust Company
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