Perpetual awards mandate to Equity Trustees

Perpetual has appointed Equity Trustees (EQT) to oversee two of its superannuation products as the new trustee.

Equity Trustees Superannuation will takeover trustee duties on 1 March 2025 from Perpetual for the Select Super Plan and Select Pension Plan. This is still subject to the parties finalising legal agreements.

Perpetual said its decision to retire as trustee "follows a comprehensive review and has been made after considering the best financial interest of our members".

Perpetual Trustee Company, however, will continue to provide investment management services to the plans.

Perpetual Investment Management will also continue to provide administration services and the current custodian of assets will remain as is.

The two products are part of the Perpetual WealthFocus offering.

The Super Plan allows investors to save for retirement and offers death, disability, and salary continuance insurance cover to eligible members.

The Pension Plan pays clients a regular pension from an accumulated superannuation upon retirement.

On 16 December 2024, the Super Plan closed the Platinum International Investment option to new members. It will terminate on or around 18 February 2025.

Last month, Ares Management Corporation chose EQT to be its responsible entity for its recently launched Ares Private Markets Fund.

EQT also finalised the integration of Australian Executor Trustees (AET), which was acquired from Insignia Financial for $135 million.