Equity Trustees combines super and corporate trustee services

Oksana Patron

11 August 2023

Equity Trustees will combine its Superannuation Trustee Services (STS) and Corporate Trustee Services (CTS) businesses, which will create an entity with almost $150 billion in funds under supervision.

The new business, which will operate under the Corporate and Superannuation Trustee Services (CSTS) banner, is expected to simplify the business by separating two market segments.

“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),” Mick O’Brien, Managing Director, Equity Trustees, said.

Commenting on the move, he added: “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.

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

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

Equity Trustees has also announced that after 18 years with the firm and 50 years in the financial services industry, Russell Beasely, has decided to retire.

“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,” O’Brien said.

He will take up the role of Deputy EGM – Fund Services, in which he will be responsible for the Fund Services relationship management.

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