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Australia's Equity Trustees Acquires Super Fund From Wesfarmers
Vanessa Doctor
28 September 2010
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.