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Australia's Equity Trustees Acquires Super Fund From Wesfarmers
Equity Trustees, the Australian wealth manager, has acquired
OAMPS Super Fund from
Wesfarmers Limited for approximately $10 million.
In a statement, Equity Trustees said the deal will add about $265
million in funds under management to its superannuation business,
EquitySuper, which currently provides services through Wealthpac
Superannuation Service and the Freedom of Choice Superannuation
Fund. The division recorded $624 million in funds under
management as of 30 June 2010.
"It is a high quality business and very complementary to the
other operations in EquitySuper. The OAMPS Super Fund has
received favourable ratings in recent years and has undertaken
significant and ongoing improvements to member services,"
Robin Burns, managing director of Equity Trustees, said.
OAMPS Super is part of the OAMPS group, which provides financial
services, insurance broking, specialist underwriting and premiums
across Australian and UK markets.
The purchase is funded from existing internal resources.