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HUB24 awards super trustee mandate

HUB24 has appointed a new trustee for its $7.9 billion superannuation fund, after deciding to swap out Sargon's Diversa Trustees earlier this year.

Equity Trustee's HTFS Nominees will now act as the trustee for HUB24 Super.

"We are delighted to have Equity Trustees provide specialised trustee services and fund governance for the HUB24 Super fund members. We look forward to working with Equity Trustees to deliver our strategic objectives as our business evolves," HUB24 managing director Andrew Alcock said.

HTFS is one of two superannuation trustee entities, alongside Equity Trustees Superannuation Limited (ETFL).

Earlier this month, Equity Trustees won the mandate for AMP Life's superannuation funds after its sale to Resolution Life. It included 340,000 members and about $7 billion and was previously under AMP-aligned trustees N M Superannuation and AMP Superannuation.

Earlier in the year, it was appointed to AIA-owned CommInsure superannuation funds.

"Despite the challenging environment we have continued to invest in the superannuation trustee business to ensure it is positioned to capture these opportunities," Equity Trustees managing director Mick O'Brien said.

"HUB24's market share has been growing over recent years due to their continued focus on innovation and customer service excellence. The appointment to act as trustee for the HUB24 Super Fund is another great addition to our rapidly growing superannuation trustee business.

"We have focused on building the technical and professional capability, with a number of new professionals joining the team in recent months, to ensure we are the preferred independent trustee for Australian institutions, and the investment is paying off.".

On July 8, Equity Trustees added industry fund Rest's outgoing interim chief investment officer George Zielinski to both superannuation boards.

EQT now has about $8 billion in superannuation assets.

Diversa Trustees was acquired by Sargon Capital from OneVue. Sargon's operating businesses have since changed hands to Certes Corporation, which is led by former PEXA chief Marcus Price and owned by NY-based investors.

Read more: Equity TrusteesDiversa TrusteesHUB24 SuperSargon CapitalAndrew AlcockCertes Corporation
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