Gerard Kerr

Acenda welcomes Equity Trustees Superannuation Limited (ETSL) as the new Trustee for its customers with individual life insurance policies held in super.

The change completes the transition from NULIS Nominees (Australia) Limited (NULIS) to ETSL, and the transfer of members with life insurance policies from MLC Super Fund to Smart Future Trust.

Gerard Kerr, Chief Executive Individual Business for Acenda, said the new partnership with ETSL supports Acenda’s strategic vision for growth and innovation.

“Trustees play a crucial role in prioritising members’ interests and safeguarding their benefits. By partnering with ETSL, who are recognised for their expertise and flexibility, we aim to provide long-term support for our customers,” he said.

“Acenda is building on our strengths as a life insurer by focusing on growth and innovation. This includes partnering with a specialist trustee that supports our growth ambitions and enhances our product capabilities and proposition to customers.

“We want to continue to deliver an exceptional and seamless experience for our customers and advisers. I am delighted that this transition has been a smooth one and we remain focused on maintaining the high level of service that our customers expect and deserve.”

ETSL is part of the Equity Trustees Group. Equity Trustees was established as an independent Trustee and Executor company in 1888 and has become one of Australia’s largest specialist trustee companies. ETSL partners with Future Group, as the sponsor and master administrator of the Smart Future Trust.

Mick O’Brien, Managing Director of Equity Trustees, said: “We are delighted to have been selected to be the trustee for Acenda insured members. We look forward to a productive collaboration focused on delivering the best possble outcomes to members.”

Simon Sheikh, CEO Future Group said: “We know that trust is key when moving retirement and insurance savings. We are focused on building a better future to retire to and we look forward to sharing that vision with transitioned Acenda members  while delivering exceptional results.”

More than 98,000 super fund members with life insurance policies were successfully transitioned from the MLC Super Fund to Smart Future Trust.

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The superannuation trustee business currently has oversight of 80bn of funds invested for more than 790,000 Australians, including a growing Small APRA Funds (SAF) service line. The portfolio includes $6bn FUM from the recent appointment as trustee of Perpetual’s superannuation products.

A highly regarded governance specialist, Ms Furlan is a former Chairperson of the Superannuation Complaints Tribunal and has held appointments on boards and committees including Aware Super, Vanguard Investments, Financial Counselling Australia, the Customer Owned Banking Association, Perpetual Superannuation Limited and Russell.

“Jocelyn brings significant superannuation industry experience as a practitioner, regulator and director. She has a deep understanding of relevant regulation, member experience and risk management, and will be a great addition to our highly experienced Boards” said Mick O’Brien, Managing Director, Equity Trustees.

“Given the digital transformation which has been taking place across our whole enterprise, including the superannuation part of the business, Jocelyn’s insights from her experience throughout other digital transformation programs will be invaluable to the work of the Boards.”

Ms Furlan, who holds law and commerce degrees and is a fellow of the Australian Institute of Company Directors, said: “I am delighted to be joining the Boards of ETSL and HTFS and look forward to contributing to great member outcomes and good governance of the funds under trusteeship.”

“On behalf of the Board and our team of leading superannuation trustee specialists, I welcome Jocelyn to Equity Trustees,” Mr O’Brien concluded.

Ms Furlan’s appointment is effective 1 April 2025.

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Mick O’Brien

EQT Holdings Limited (ASX: EQT) (Equity Trustees), announced it had completed the integration of Australian Executor Trustees Limited (AET).

The completion was marked by the conclusion of the Transition Service Agreement (TSA) that Equity Trustees had in place with Insignia Financial Limited (ASX:IFL) (Insignia) to support the integration.

Equity Trustees’ Managing Director Mick O’Brien said the acquisition was exceeding expectations.

“The integration was completed within the $22 million budget, delivering revenue synergies of $3.9 million in FY24, and the anticipated annual cost synergies of $3.5 million per annum are expected from 2H FY25.

“This is an incredible achievement by our people, and I wish to acknowledge the skill and dedication with which they have managed the integration.

“When we announced the acquisition in August 2022, we said it was a strategically and financially compelling acquisition that would deliver significant growth for Equity Trustees.

“Now operating seamlessly as part of the TWS private client business, AET has added scale, expertise, geographic spread and leadership in more markets.

“It has increased FUMAS, boosted revenue, and has been earnings accretive from day one.”

AET was acquired from SFG Australia Limited, a wholly owned subsidiary of Insignia in November 2022 and funded through a combination of debt and equity.

It combined two leading providers of professional private client trustee services in specialised estate and trustee services, including native title, compensation and charitable trusts, and wills and estates. It also added a portfolio of Small APRA Funds (SAFs) to Equity Trustees’ growing superannuation trustee business.

Mr O’Brien said: “From a financial perspective, we will see the full benefit for the first time in FY26, but much of that will come through in the second half of FY25”.

Equity Trustees’ Chair Carol Schwartz said, “The success of this integration is a credit to the management team and reflects the expertise that we have built adding new businesses into the group.

“This supports our strategy to be the leading trustee services provider in Australia and we are going from strength to strength, as we have done for the past 140 years and will continue to do.”

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Carol Schwartz

Strategic focus and transformative investments driving growth

• Funds under management, administration and supervision at $202.8 billion, up 26.7% on the prior year
• Revenue increased 23.1% to $174.0 million
• Underlying net profit after tax up 13.8% to $37.9 million
• Statutory net profit after tax $20.7 million, up 10.0%
• Final dividend 53 cents per share, bringing total dividends for the year to 104 cents
• Strong progress to date on the AET integration, delivering on anticipated synergies and driving strong TWS performance
• Newly combined Corporate and Super business established and positioned for growth
• Expenses higher, driven by investment to support growth and some inflationary impacts
• Positive client satisfaction and employee engagement outcomes
• Charitable giving of $178 million providing valuable support in challenging times
• Outlook positive, with market leading positions and strong business pipelines

EQT Holdings Limited (ASX: EQT) (Equity Trustees) has announced its results for the year ending 30 June 2024. Managing Director Mick O’Brien said, “This has been a strong year for Equity Trustees, with FUMAS, revenue and profit all showing good growth.

“These results reflect a full twelve-month contribution from AET (relative to a seven-month contribution in the previous corresponding period (PCP)), realised revenue synergies, and strong organic growth in both Trustee and Wealth Services (TWS) and the newly combined Corporate and Superannuation Trustee Services (CSTS) business.

“Our strategic focus and investments are paying off, and the results are flowing through to the bottom line.”

Equity Trustees Board Chair Carol Schwartz said, “Equity Trustees has had a positive year as it continues to pursue its growth strategy.

“We have remained focussed during a transformative year in which we successfully integrated AET, combined two of our major businesses and upgraded our technology systems.

The Board declared a 53 cent dividend for the half, taking the total for the year to 104 cents.

Mr O’Brien said growth in FUMAS had been strong and reached a record $203 billion.

“The significant rise in funds under our stewardship flows directly through to our revenue and positions us as one of Australia’s top five wealth groups,” he said.

Revenue increased 23.1% to $174.0 million for the year, while group underlying net profit after tax was up 13.8% to $37.9 million.

Mr O’Brien said the strong growth necessitated investment, and expenses rose 28.3% to $141.8 million.

“Expenses were understandably higher as we transferred all AET staff to the group, and continued to hire new staff in a tight employment market to manage our growth. Persistent inflation also impacted costs across the group,” he said.

“We made pleasing progress on our major technology and transformation initiatives, with several key phases concluded during the year.

“Technology expenditure costs continue to be elevated, but are expected to be largely complete towards the end of FY25.

“On client satisfaction we again produced strong results, and for employee engagement we improved on key performance measures company wide.”

Trustee and Wealth Services (TWS)

TWS had a strong year with revenue increasing 30.3% to $99.1 million. This above-trend growth was attributable to a full twelve-month contribution from AET, the realisation of $3.6 million of revenue synergies from the AET acquisition and good organic growth across most product lines.

“The integration of the AET business has exceeded expectations, and the investment is positioning us well to win new clients and other opportunities that are now flowing,” Mr O’Brien said.

“Organic growth was strong and the pipeline of new business activity remains healthy, with the new digital solutions expected to further support organic growth momentum over time.”

Corporate and Superannuation Trustee Services (CSTS)

The newly-combined Corporate and Superannuation Trustee Services (CSTS) business had a strong first year, with revenue up 15.3% to $71.5 million (not including UK/Ireland), reflecting a combination of good organic growth and positive investment markets.

Australian Fund Governance and Trustee Services revenue increased by 11.1%, with pronounced new business activity, while Superannuation revenue increased by 21.3% driven by new appointments and funds flow.

During the year the operations in Ireland were disposed of, and the exit from the UK is being managed and is expected to complete in the first half of FY25.

Mr O’Brien said, “The short term outlook for CSTS remains positive, with a strong pipeline of new business activity.”

Outlook

Mr O’Brien said, “The outlook for the Group is positive, with its transformed structure, enhanced digital capability and enlarged footprint providing a solid basis for further growth.

“The outlook for FY25 benefits from the scaling down of one-off costs related to the integration of AET and our substantial technology investments, and the exit from Ireland and the UK. The industry fundamentals continue to favour our specialist trustee model, despite increasing regulatory intensity.

“In the shorter term, global investment markets are likely to remain highly volatile for some time, however our balance sheet remains strong with low gearing and healthy levels of liquidity proving flexibility for the future.”

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Mick O’Brien

Equity Trustees has an Australian first with the implementation of Artificial Intelligence (AI) that enables seamless streamlining of compliance requirements across written text, audio, video and images.

Australia’s leading trustee is implementing the Haast AI automation platform following a recent investment in the unique technology. It is a part of a program of digital transformation at one of Australia’s oldest established companies.

“Trusteeship is a very traditional concept,” said Managing Director Mick O’Brien. “In some ways given our sound foundations we have a great opportunity for innovation and our culture allows us to focus on innovation without compromising the core business of governance and compliance.”

Like most businesses, Equity Trustees has been examining the application of AI within the business to see where it can deliver value or solve a problem.

“It’s not a solution for everything. The foundation for client service – especially in a complex service area like ours – depends on people speaking to real people and understanding their requirements and circumstances,” Mr O’Brien explained.

“However, there is no question that technology is the way forward – and AI is a part of that. The sheer volume and complexity of regulation is relentless and ever-changing. This is doubly important to Equity Trustees, as a highly regulated professional trustee. The expectation is that we keep up with the pace of change so we maintain the highest standards of governance – and that means our systems and processes must as well.”

A recent pilot of a new digital tool in the Corporate and Superannuation Trustee Services (CSTS) compliance functions has been a part of keeping up with change. The Haast platform enables Equity Trustees to improve team productivity by around 80 per cent and reduce time to review vast volumes of documents and online content.

It does this by automating a range of checks of fund manager marketing content and superannuation fund marketing material, through constant scraping and checking of thousands of online resources (websites, social media accounts and so on) within minutes at any given time.

It also allows pre-checking of documents containing information that must carry specific content, so that errors are prevented before they make it into the public domain. The AI model rules in the platform pick up clumsy language or terminology which might not meet regulatory requirements. The system can also create custom rules specific to their circumstances and risk tolerances by uploading existing marketing review playbooks or reverting to an AI-powered rule builder.

Any errors or issues are flagged and rated using an AI process – which is constantly adapting to keep up with variations – using adaptive AI.

Haast aims to ensure complete compliance across all digital assets by leveraging an AI-engine which can scan and detect potential issues across text, video and images. The technology can even be used for example, to identify potential greenwashing claims.

These same rules can then be used to monitor live content material  for potential compliance issues across both clients and third-party channels.

Executive General Manager of CSTS, Andrew Godfrey, explained the system supports the compliance and operations teams to meet the trustee service commitment – whether the clients are investment managers or superannuation funds.

“Our job, essentially, is to provide that oversight to ensure they meet their legal obligations and remain compliant,” he said.

“This is a game changer for content compliance, allowing us in just minutes to scan, detect and possibly act upon a number of potential issues, saving what would take a person hours to do – and many more hours to correct if the wrong thing is published online and shared.”

In a world where the sheer volume of content is ever-growing, Mr Godfrey says it is becoming increasingly challenging for organisations to keep on top of the compliance across all content for regulated funds.

One of Haast’s founders, Jason Watling, added: “The boom in digital marking in recent years against an ever-changing regulatory backdrop has made it increasingly difficult for organisations to manage compliance across their digital content, with many organisations having thousands of constantly changing pieces of content across documentation, websites and social media.

“Harnessing the power of AI can save businesses time and money while helping them remain compliant,” said Mr Watling.

“We are very happy to work with such an innovative organisation like Equity Trustees to enhance their efficiency in managing content compliance. Equity Trustees commitment to our technology will create a positive flow on effect for their clients which we’re really excited to be a part of.

Haast won the Australian round of the 2024 Zurich Innovation Champion award in March for its innovative software platform that uses AI to automate compliance processes.

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Mick O’Brien

Underpinned by good organic growth

• Funds under management, administration and supervision at $183.5 billion, up 18% on the prior corresponding period (PCP).
• Revenue at $83.9 million, up 37% on PCP, reflecting a six month contribution from the AET acquisition and strong organic growth.
• Underlying net profit of $17.9 million, up 25% on PCP and steady compared with the second half of FY23.
• Higher expenses reflect successful filling of employment vacancies to manage growth and recruitment post-Covid.
• Statutory net profit up 65% at $12.6 million, incorporating AET integration and technology transformation costs and the impact of the UK/Ireland exit.
• Increased dividend 51 cents per share, reflecting strong cash flow and overall business growth.
• Balance sheet remains strong with low gearing and healthy levels of liquidity.
• Positive outlook driven by industry tailwinds and group transformation.

EQT Holdings Limited (ASX: EQT), the holding company for Equity Trustees, today announced strong increases in revenue and funds under management, administration and supervision (FUMAS) for the six months ended 31 December 2023. Revenue was $83.9 million, up 8.1% on previous half and 37.3% on PCP. FUMAS increased 18.0% on PCP to $183.5 billion.

Underlying net profit was $17.9 million, up 24.8% on PCP, while statutory net profit of $12.6 million reflected costs associated with the integration of Australian Executor Trustees (AET), technology transformation and the impact of UK/Ireland exit.

The Board declared a fully franked interim dividend of 51 cents per share, up one cent on the previous half and two cents on PCP. Board Chair Carol Schwartz AO said: “Equity Trustees continues to grow, becoming a stronger and more diversified business following our acquisition of AET and several years of significant investment in technology and people.

“Our outstanding people and new technology platforms will drive ongoing growth and position us well for the future as we settle into our position as Australia’s leading provider of trustee services.” Managing Director Mick O’Brien said: “The year is off to an encouraging start, with strong uplifts in FUMAS and revenue across all our business lines.

“The integration of AET is proceeding well, our business organisational structure is more cohesive, and our new technology platforms are providing better service and enhanced capability to drive growth.

“Equity Trustees is transforming into a larger, dynamic and balanced business, without losing any of our expertise and values.

“While expenses were higher, this reflected inflationary pressures and our ongoing investment in people and technology, including recruitment post-Covid to fill employment vacancies. We now have historically low vacancy rates across the group, which has been important during this peak integration and development cycle.

“Expense growth is expected to moderate significantly following the integration of AET, completion of the major technology projects, exit of the UK and Ireland businesses and the settling of employment vacancy rates.

Mr O’Brien said the core businesses continued to perform well. Corporate & Superannuation Trustee Services (CSTS), reporting for the first time as a combined entity and excluding the UK/Ireland operations, delivered revenue of $34.5 million, up 14.2 % on PCP.

This reflects good organic growth across all business streams and a positive contribution from global investment markets.

Mr O’Brien said: “Notwithstanding more volatile markets and less certain economic conditions, the outlook for CSTS is favourable, supported by government-mandated superannuation, ongoing fund innovation and increasing recognition of our outsourced independent trustee model.”

Trustee & Wealth Services (TWS) delivered a significant uplift in revenue to $49.5 million, 60.6% up on PCP, driven by strong underlying organic growth across core services and a full six-month contribution from the AET acquisition.

Mr O’Brien said: “TWS is going from strength to strength, with the acquisition of AET transforming its geographic reach and breadth of services. The integration is on track and synergies remain ahead of original expectations.

“We expect traditional trustee services will continue to benefit from an ageing demographic and increasing levels of intergenerational wealth transfer.”

Mr O’Brien said the outlook for the group remained positive.

“Despite uncertain economic and global conditions our businesses remain robust and ready to drive consistent organic growth.

“Our operating cashflow generation is strong and our balance sheet remains conservative, with low gearing and good flexibility to take advantage of future opportunities.

“The investments we have made provide us with a strong competitive foundation and position us well for continued growth and a stronger more sustainable future.”

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Mick O’Brien

Leading philanthropic funding provider, Equity Trustees has announced a record year of granting, with the total value of grants exceeding the $122 million mark for the just the second time in the company’s 144-year-old history, and up by more than 32% from last financial year.

The first time was in 2019, due to an extraordinary one-off bequest of $30 million to the Art Gallery of South Australia, leaving 2023 as a record-breaking year for grants from charitable trusts^[1] managed by Equity Trustees.

The breakdown includes $90.6 million of charitable trusts, $1million worth of grants from community (or Native Title) trusts and $10.4m comprising bequests, estates, and other trusts.

An additional $20m from Australian Executor Trustees (AET) amplified the total amount, confirming Equity Trustees as the leading provider of philanthropy and charitable trust services in the market.​

This translates into more than 5000 individual grants to community, for purpose and charitable organisations nationally in one year.​

“It is a significant high point for Equity Trustees and reflects the extraordinary achievements and generosity of everyday Australians in contributing to the community through structured giving,” said Mick O’Brien, Managing Director, Equity Trustees.​

“The development of our new Philanthropy Portal, which offers an accessible entry point of $5000 minimum for opening a philanthropic fund, and 24/7 online access to accounts and granting via desktop or mobile devices, will further open the door to more people getting involved and building a philanthropic culture in Australia,” he said.

Mr O’Brien added that by making it easier to contribute regularly and with less financial hurdles, the Equity Trustees’ Giving Portal will mean philanthropic giving will be in the reach of everyday Australians and businesses.

Equity Trustees noted that overall levels of granting are generally back to close to their pre-covid levels. For example, the Equity Trustees Charitable Foundation (ECF) has seen an 85% increase in its donations over the past two years.​

“Moving into the financial year 2024, we are well positioned to implement our granting strategies to reach our strategic target of deepening community impact,” said Mr O’Brien.

“Our commitment to learning and development, along with our increased ability to capture and report distribution data, in combination with added breadth and capability from AET, is critical to being well placed moving forward as a leading funder in the philanthropic sector,” he said.

Over the past six years Equity Trustees has stewarded more than $600 million of grants and bequests to community, for-purpose and charitable organisations nationally.

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[1] Excludes bequests

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Mick O’Brien

Equity Trustees (ASX: EQT) has announced a partnership with SuperConcepts to take on the clients of the platforms business of Australian Executor Trustees (AET), ensuring they will continue to receive specialist superannuation and platform services.

The partnership delivers on the expectation noted in the acquisition announcement last year^[1] to find alternative providers for the platforms business, which was not core to Equity Trustees’ focus on trusteeship.

The AET platforms business, which was part of the acquisition of AET, comprises SMSF administration and custody, Platform Management Services (PMS) and Small APRA Fund (SAF) administration and custody.

Specialist SAF administrator SuperConcepts developed, owns and operates the only tailored SAF platform (SuperMate) in the Australian market and is a market leading provider of SMSF administration with strong operational knowledge of the AET platforms business.

Following an extensive process conducted by Equity Trustees, the agreement will mean:

1. Equity Trustees’ superannuation trustee will have an outsourcing agreement for SuperConcepts to provide SAF administration, and
2. A referral agreement which will mean AET will refer SMSF and PMS clients to SuperConcepts.

Communications to SMSF and PMS advisers and clients will commence shortly to notify them of AET’s planned exit from SMSF and PMS services and how the streamlined transfer to SuperConcepts aims to minimise disruption to service. The separate transition of SAF administration to SuperConcepts is expected to be completed in 2H FY24.

“We will be working closely with SuperConcepts, and advisers and clients of the platforms business to ensure the process, and any options available to them, are clearly communicated and the transition process is efficient,” said Mick O’Brien, Managing Director, Equity Trustees.

“In line with our core capability, Equity Trustees will continue to have a role by providing SAF trusteeship through our superannuation licensed entity (Equity Trustees Superannuation Limited) and the provision of select non-standard asset custody for the SAFs (via another Equity Trustees subsidiary).

“We are pleased to have reached an arrangement with the market leading provider of administration services, which is an excellent outcome for clients of this part of the AET business. For Equity Trustees, the exit from the platforms business enables us to maintain our focus on our core business of trustee services,” he concluded.

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[1] https://www.adviservoice.com.au/wp-content/uploads/2023/08/02555960.pdf

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Mick O’Brien

Equity Trustees (ASX:EQT) has announced it would combine its Superannuation Trustee Services (STS) and Corporate Trustee Services (CTS) businesses.

The combined businesses, to operate under the Corporate and Superannuation Trustee Services (CSTS) banner, will have almost $150 billion in funds under supervision.

“There are considerable similarities between the Superannuation business and the Fund Services part of CTS, and it makes good commercial sense to bring them together,” said Mick O’Brien, Managing Director, Equity Trustees.

“We see very clear alignment of the operating models, and there is an opportunity to capitalise on the strengths of each business.”

“This will simplify our overall business into two clear markets – a wholesale or corporate business in the combined Corporate and Superannuation Trustee Services and a private client-focused business in Trustee and Wealth Services (TWS).”

“It also makes sense given the increased scale of our TWS business following the successful acquisition of Australian Executor Trustees (AET).”

“This new business structure will enhance our ability to deliver on our strategic objectives and vision to be Australia’s leading trustee services provider.”

Andrew Godfrey will lead the combined business as EGM Corporate & Superannuation Trustee Services.

Mr O’Brien said: “Andrew has the leadership, breadth of experience, relationships and background to take on this expanded role.”

After 18 years at Equity Trustees and 50 years in the financial services industry, Russell Beasley has decided to transition to retirement. He will take up the role of Deputy EGM –  Fund Services. In this role, he will be responsible for the Fund Services relationship management.

“Russell has played a critical role in leading us to be the number one provider of Responsible Entity services in Australia, and we are delighted that we will continue to benefit from his expertise as he transitions to retirement,” said Mr O’Brien.

“Equity Trustees will continue to benefit from Russell’s wealth of experience, industry knowledge, capability and the exceptionally strong client relationships he has formed over the years.”

Mr O’Brien said the governance, including a clear separation of decision-making for each licensed entity, and the financial reporting structure would not change.

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Mr Godfrey replaces Mark Blair, who was responsible for reshaping the highly successful superannuation business to focus on independent outsourced trusteeship in the superannuation sector.  The strategy underpinned the growth in the business of funds under supervision from $1bn to $40bn over the five years since Mr Blair was appointed to the role.

“Andrew comes to Equity Trustees with 30+ years of experience in financial services, including leadership roles across superannuation, wealth, financial advice and insurance. His experience has spanned operations, technology, leadership of master trusts, client delivery, transformation and change and risk, and most recently consulting to the sector,” said Managing Director Mick O’Brien.

Mr Godfrey previously held roles with Mercer where he was COO – Operations and Technology for the Asia Pacific region, COO (Australia/NZ), Head of Transformation, and Head of Financial Services. He was also COO at life insurance company AIA in the mid 2000’s – and prior to 2010 held various senior management roles at Mercer and Plum Financial Services.

Mr Blair is exploring continuing to work with the superannuation business as an independent adviser and consultant.

“We are fortunate to have this exceptional expertise and experience to continue the growth story for our specialist superannuation trustee service, which has included the acquisition of Zurich Australian Super and trustee appointments to AIA (Comminsure) in 2019, followed by HUB24 Super Fund and AMP Life super funds in 2020,” said Mr O’Brien.

“Andrew inherits a capable and strong leadership team, excellent clients and clear direction. We believe the market we have established for superannuation trusteeship is ripe with opportunity – and our business will continue to go from strength to strength as a result.

“We thank Mark for the critical role he has played in the establishment and growth of the business so far, and welcome Andrew to Equity Trustees,” Mr O’Brien concluded.

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