Mick O’Brien

EQT Holdings Ltd (ASX: EQT), the holding company for Equity Trustees, and Aon has announced they had entered into an alliance that will create a $5.2 billion superannuation partnership  to service Australia’s rapidly growing superannuation market.

Equity Trustees and Aon will merge the Aon Master Trust and The Executive Superannuation Fund, subject to the approval of the funds’ trustee boards.

Under the alliance, Equity Trustees will assume responsibility for the trustee services (subject to approval from the regulator) and Aon will assume responsibility for products and distribution.

Aon is a leading global professional services firm providing a broad range of risk, retirement and health solutions. The Aon Master Trust is an award-winning superannuation fund offering superannuation, retirement and lifestyle products and services to corporate clients, self-employed individuals and individual savers.

Equity Trustees is Australia’s leading specialist trustee company and operates The Executive Superannuation Fund.

Equity Trustees Managing Director Mick O’Brien said the alliance would allow both groups to offer Australians innovative retirement solutions, using the strengths and capabilities of each organisation and was consistent with Equity Trustees’ strategy to focus on its core fiduciary capability.

“With $130 billion in funds under management globally, Aon brings international expertise to superannuation solutions at a time when the industry is increasingly moving to a global outlook,” Mr O’Brien said.

Aon Hewitt Pacific Chief Executive Officer Steven Gaffney said the alliance would allow Aon to offer alternative, flexible and independent solutions to its members. “Equity Trustees brings its specialist independent trustee skills to an industry that is growing, and increasingly dependent on capable and trustworthy oversight,” he said.

“The relationship with Equity Trustees means we can empower our members and provide access to a broader range of products and services to secure a better future for themselves.

“The increased breadth and depth of the fund means we will be positioned to offer even greater advantages for our members, including lower costs and increased buying power to provide superior investment options.”

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Both appointments have been made from within the Aon Hewitt team, with Mr Fotheringham previously presiding as the Aon Hewitt Chief Executive Officer, Pacific, and Mr Gaffney, as the Aon Hewitt Chief Commercial Officer, Australia.

In their new roles, Mr Fotheringham and Mr Gaffney will be responsible for driving their established business segments’ strategies, with a focus on aligning more closely with other Aon businesses. This is in line with Aon’s desire to operationalise “Aon United” – an initiative that sees the crossing of existing organisational boundaries to better serve its clients and also provide a platform for growth and expanded career opportunities for its people.

Mr Fotheringham joined Aon in 1985, based initially in the UK, where he was responsible for Consulting’s operations in Scotland, North of England and the South West of England. Since moving to Australia in 1999, he has consistently led business growth through a combination of new services, acquisitions and geographic expansion.

“I’m pleased to welcome Stewart to the role, and look forward to working more closely with him as an important member of the Global Consulting Executive Committee and APAC leader. Stewart has had great success in collaborating across business lines in Australia and will apply the same approach throughout Asia, building on the strong partnership that currently exists amongst Aon’s various business units,” said Yvan Legris, Global CEO, Aon Hewitt, Consulting.

Mr Fotheringham, who will report to Mr Legris, replaces Edouard Merette, who has resigned from his position to pursue other career opportunities.

“While it is sad to farewell a colleague we wish Edouard all the best for his future endeavours,” said Mr Legris.

Mr Gaffney joined Aon in 2000 and initially served as the lead for Aon’s Master Trust business, before serving as Chief Commercial Officer for the Pacific region. He replaces Mr Fotheringham.

“Steven has been a passionate advocate of a united approach to growing our business and has worked closely and collaboratively with all of our Pacific practice leaders. In his new role, he will also continue to work closely with the senior leadership of Aon Risk Solutions and Aon Benfield in strong support of our overall Aon United strategy. I am confident that Steven’s experience and strong leadership skills will ensure continued success for our team and our clients,” said Mr Fotheringham.

Both appointees commence their new roles effective immediately.

Mr Legris concluded: “It’s particularly pleasing to be able to put in place our established succession plans and assign leadership from within our own Aon ranks. It’s a real testament to the capability of our people and ensures the transition will be as seamless as possible for clients and colleagues alike.”

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