Nestlé Australia has outsourced its entire corporate superannuation business to the Russell Investment Group, while Russell has also been appointed to run a $1.2 billion investment mandate.
Russell will now manage the investments on behalf of the Harwood Superannuation Fund.
The financials services company had already provided actuarial, member administration and consulting services to Nestlé's superannuation fund.
Under the new arrangement, the company's entire superannuation fund will now be outsourced to Russell including the management of its $560 million assets.
The Harwood Superannuation Fund (fund for CSR and Rinker Group) has hired Russell to manage its $1.2 billion investments.
The fund, however, will still retain its own trustee arrangements.
"With member choice, sweeping changes to retirement regulations and greater reliance on investment diversification, it made sense for us to outsource to Russell," Harwood chief executive Roslyn Ramwell said.
