Russell Investments, the global financial services firm, has won a A$1.1 billion (about $990 million) deal to provide trustee services to major steel manufacturer OneSteel's superannuation fund under its Russell Super Solution Master Trust brand.

OneSteel's fund has nearly 11,000 members. As part of the outsourcing arrangement, Russell will provide the company with services including trusteeship, administration and investment management, the company said in a statement. OneSteel hopes to save over A$2 million per annum on administration fees, as well as have access to a greater number of investment options.

The deal represents one of the largest master trust mandates in the country. It is part of a trend for large corporations fully outsourcing the management of their superannuation plans.

"We have had a successful relationship with Russell for the past nine years and we feel they have considerable experience in managing complex DB funds. We are seeing this new arrangement as a win for our employees who will reap the benefits of reduced fees and enhanced services," said Bill Gately, the executive general manager human resources and organisational effectiveness at OneSteel.

Russell began its business relationship with OneSteel in 2001 and has since seen the latter's corporate fund grow from A$600 million to A$1.1 billion. The move from this deal to the Master Trust represents their final step in outsourcing superannuation, the company said.