Superannuation provider and global asset manager, Russell Investments has announced that Hunter-based Nationwide Super will join the firm’s growing superannuation alliance.
Under the arrangement, expected to be complete by late-2018, Nationwide will cement its brand and value proposition as the specialist superannuation service for small businesses, while Russell Investments manages all components of the fund.
Nationwide Super’s Chair, Kim McHugh said the business’ absolute priority remains helping small businesses and their employees.
“Super creates administration and compliance pressure for small business that simply isn’t acknowledged or addressed by many larger funds,” Kim said.
“We were looking for a partner that wouldtake the time to understand our members and employers, and help shape our offer to even better meet their needs.”
In making this decision, Nationwide expects its members will benefit from significantly reduced fees, an expanded menu of world-class investment choices, and enhanced member services. This will include additional advice services, expanded education and communications, and leveraging the latesttechnology – including an industry-leading mobile app.
“The alliance model allows Nationwide a unique opportunity to reset our cost base, gaining considerable cost advantages in areas such as investments, administration, product management, technology and compliance,” Nationwide Super’s CEO, Ian Morante said.
“These savings will be passed onto our existing 35,000 members as lower fees, while upgrading our offer and services to be even more tailored to small business. As a result, we are expecting a strong growth trajectory for Nationwide.”
Through the alliance model, Russell Investments offers flexible alternatives to basic mergers, and provides economies of scale that enables funds like Nationwide Super to differentiate, compete and grow, with the breathing room to tailor their brand and service delivery to the specific needs of their target market and members.
“We are very excited for Nationwide to join the superannuation alliance and look forward to supporting its growth plans,” Australian Institutional at Russell Investments’ Managing Director, Jodie Hampshire said
“Nationwide already plays an important role in supporting Australian small business, and we are incredibly proud to enable them to continue to focus on this important mission.”
IMAGE | Nationwide Super’s focus is still on small businesses and their employees.