Two units of Australian asset manager EQT Holdings Ltd. signed new agreements with Colonial Mutual Life Assurance Society Ltd., according to an Oct. 3 release.
Effective Oct. 1, EQT's Equity Trustees Ltd. unit became trustee for A$10.50 billion worth of assets of Colonial Mutual Life, while its Equity Trustees Superannuation Ltd. subsidiary became the Registrable Superannuation Entity Licensee for A$4.50 billion of superannuation funds.
Additionally, the Australian insurance company agreed to continue operating as administrator and life insurer of the funds, EQT added.
The agreements raise Equity Trustees' total funds under supervision to more than A$100 billion.
