BHP Billiton, Melbourne, Australia, is searching for one master trustee for its four superannuation funds, which now use four different external trustees.
It's understood that RFPs for a consolidation of the funds, which combined hold more than A$3 billion (US$2.97 billion), were sent late last year, and are due soon. The Deloitte superannuation practice has been hired to assist.
The largest of the four schemes, the BHP Billiton No. 1 Fund, has outsourced its investment management, member administration and trusteeship to Russell Investments for many years.
BHP Billiton's second super fund is a legacy of its 2005 takeover of Western Mining. Member administration is outsourced to Plum Financial, and investment management to MLC, Plum's fellow subsidiary of National Australia Bank.
A third plan springs from BHP Billiton's ownership of South African-based manganese producer Samancor, and is outsourced to OnePath, the corporate and retail super provider now wholly owned by ANZ Bank.
The fourth plan relates to BHP Billiton's Worsley Alumina joint venture, and is outsourced to the Mercer Super Trust.
Michael Bailey writes for I&T News, Sydney.
