AMP will not be writing to all members of its Signature master trust as part of a supporting promotion for Mitsubishi cars, following the outsourcing of the Mitsubishi Motors super funds. The promotional support being offered by AMP, an unusual value-add to enhance the deal, is likely to be more passive in nature.
An AMP spokesman said last week that AMP would never write to all members with material which was not of direct relevance to their accounts. He was responding to a report on I&T News that the deal with Mitsubishi would involve a direct mail and other marketing campaign to help the car maker sell its products to all Signature members. However, he declined to say what sort of promotional activities had been offered as part of the outsourcing of about $200 million in super, nor whether any offers had been made. As reported, AMP has had an affinity program for members of its funds, with offerings which have included home loans. The spokesman said that, as part of the affinity program, special offers were only made available via the AMP website. Because the Mitsubishi members are employees, as reported, the Sole Purpose Test is unlikely to pose a problem for the trustee. However, as the chief executive of a large industry fund pointed out, the SIS Act (Section 68A) prohibits the trustee of a fund from offering an incentive to an employer to encourage members to join.
The $355 billion AustralianSuper has acquired a $1.4 billion European industrial and logistics portfolio, owned by OMERS real estate subsidiary Oxford Properties. The nation’s biggest fund is targeting a $7.5 billion valuation for the venture and $35 billion allocation in European and UK region before 2030, supported by its biggest international office in London with 121 employees.
Darcy SongJanuary 14, 2025
