Future Group to internalise super trustee structure

Future Group is acquiring WTW's superannuation licensed entity, Stewarda, to establish trustee capabilities in house.

The transaction is subject to APRA's approval.

Stewarda holds an APRA extended public offer RSE licence allowing it to act as trustee for multiple super funds, including Future Super, Verve Super, GuildSuper (and Child Care Super), and smartMonday.

This acquisition will support Future Group in the next stage of its growth journey by leveraging WTW's strong history in the sector to build its future governance model, the group said.

Stewarda will be chaired by former ASIC deputy chair Jeremy Cooper, joined by Keri Pratt; Shailendra Singh; Virgina Mailey; Sharon Davis; and Lee Brennan as board directors.

Future Group chief executive Simon Sheikh said the transaction takes place amid a strong period of growth.

"With over 400,000 members, five brands and $13 billion in superannuation assets under management, our members will be well served by a singularly focussed trustee," Sheikh said.

"Future Group's mission is to help create a world worth retiring into and an important part of achieving that mission is continuing to implement best practice governance standards."

Meanwhile, Cooper added: "I am delighted to take on the role of chair for Stewarda. I look forward to steering a talented group of people with a focus on both financial and sustainability outcomes for members."

In addition to the acquisition, Future Group has appointed Sarah Burley to the role of head of the office of the superannuation trustee (OST).

She brings more than 20 years' experience in financial services, having held senior roles across retail and industry super funds, including Australian Super and Insignia Financial, as well as a stint at APRA prior to her current capacity as consultant for Future Group.

"With deep expertise in strategy and governance, she has supported boards and executive teams through periods of change while maintaining a strong focus on member outcomes," Future Group said.