Three of Australia's biggest companies have hired Russell Investment Group to run their superannuation accounts.
Nestlé Australia outsourced its entire corporate superannuation business to Russell, while buildings materials giants CSR and Rinker hired the firm to manage more than $1 billion worth of investments.
Russell had already provided actuarial, member administration and consulting services to Nestlé's superannuation fund, but will now manage $560 million worth of assets.
The firm was also appointed to run a $1.2 billion investment mandate for the Harwood Superannuation Fund, which runs the pension concerns of CSR and Rinker.
"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.
Mexican cement company Cemex bought Rinker Group for $16.5 billion in May.
