The NSW Treasurer and the Minister for Finance and Services have announced that some funds management activities of SAS Trustee Corporation (STC), the Safety, Return to Work and Support Division (SRWSD) and NSW Treasury Corporation (TCorp) will be amalgamated within TCorp. The Ministerial media release can be found at https://www.tcorp.nsw.gov.au/html/110314.cfm
The funds management activities to be amalgamated include the appointment of investment managers, due diligence, funds administration and operations, and reporting.
The amalgamation is being undertaken to obtain efficiencies and enhance investment outcomes by pooling the resources allocated to investment activities.
There will be no legislative change and STC will remain the trustee for all the assets in the State Super fund. STC’s trustee responsibilities will continue to include investment objectives, risk management and asset allocation. As a trustee STC is required to exercise its functions in the best interests of scheme members and beneficiaries.
The Government has appointed Mr Michael Cole as an independent expert to oversee the amalgamation. STC will work with Mr Cole and the other agencies over the coming months on the detailed planning and implementation of the changes.