Diversa

What Diversa does

Diversa is a Melbourne-based, privately held Australian superannuation trustee services provider operating through two Registrable Superannuation Entity (RSE) licensees: Diversa Trustees Limited and CCSL Limited. The company acts as independent trustee for APRA-regulated superannuation funds, providing regulatory and legislative compliance oversight, fund governance, and operational support. Combined, the two licensees serve 15 superannuation funds spanning retail master trusts, corporate funds, platform (wrap) products, pooled superannuation trusts, defined benefit funds, and insurance-only funds, with aggregate assets under trusteeship exceeding $10 billion. Named funds under trusteeship include OneSuper (a large consolidated master trust with numerous sub-plans), Tidswell Master Superannuation Plan, Mason Stevens Super Fund, Praemium SMA Superannuation Fund, Kaplan and Marinya Pooled Superannuation Trusts, Rexel Australia Superannuation Plan, LifeFocus Superannuation Fund (via CCSL), and Personal Choice Private Fund (via CCSL).

The company's operating model is a platform-plus-expert-services construct. Its proprietary technology, Arcadia, is a collaborative workspace that integrates client teams, service providers, and Diversa's trustee specialists into a single environment for governance, workflow, and compliance oversight. Around this technology, Diversa assigns dedicated Account Executives to each client fund, emphasising relationship-driven service, systems-thinking in process design, and high operating leverage through technology. Revenue is generated via recurring trustee service fees negotiated bilaterally with each fund operator under a quote-based B2B model; pricing is not publicly disclosed. The go-to-market is direct enterprise sales targeting fund trustees, product issuers, and platform operators seeking RSE licensing support.

Diversa's current strategic posture is shaped by material regulatory headwinds. The company is the subject of Federal Court proceedings brought by ASIC in connection with the collapse of the First Guardian Master Fund, in which fraudulent conduct caused member losses across YourChoice Super, Australian Practical Superannuation, and Praemium SMA Superannuation Funds. Diversa lodged its defence in June 2026 and submitted a Part 23 application to the federal government in April 2026 seeking financial assistance for affected members under the Superannuation Industry (Supervision) Act 1993. The company has also stood up a Member Assistance Program (MAP) providing crisis counselling to impacted members. These matters, alongside the termination of Personal Choice Private Fund due to insufficient scale, are likely to dominate the near-term investment thesis.

Name

Diversa

Legal name

Diversa Trustees Limited

Website

https://diversa.com.au

Company type

Private

Operating status

Operating

Headcount range

11–50 employees

Short description

Diversa is a Melbourne-based, privately held Australian superannuation trustee services provider operating two RSE licensees that together serve 15 APRA-regulated superannuation funds with over $10 billion in assets under trusteeship, delivering compliance, governance, and operational oversight supported by its proprietary Arcadia platform.

Ownership category

akta.pro rank

Headquarters

HQ city

Melbourne

HQ country

Australia

HQ region

Oceania

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Technology or R&D, Operations, Marketing or Sales, Infrastructure

Revenue model

1. Trustee Services: Diversa acts as trustee for APRA-regulated superannuation funds, providing regulatory compliance oversight, fund governance, and operational support. Revenue is derived from fees charged to superannuation funds for trustee services.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels3 records

Core offering

Diversa acts as the licensed trustee (RSE licensee) of APRA-regulated superannuation funds, providing regulatory compliance oversight, fund governance, and operational support. Services are delivered through two related entities — Diversa Trustees Limited and CCSL Limited — collectively covering 15 funds, and are supported by a proprietary collaborative workspace (Arcadia) that connects fund teams, service providers, and Diversa's trustees.

Product overview

Diversa provides expert trustee services for APRA-regulated superannuation funds through its two RSE licensees: Diversa Trustees Limited and CCSL Limited. Together these entities provide trustee services to 15 superannuation funds. The offering operates as a platform-plus-services model, combining proprietary technology (Arcadia collaborative workspace) with specialist trustee expertise. Diversa's fund portfolio includes retail master trusts, corporate funds, defined benefit funds, platform/wrap products, pooled superannuation trusts, and insurance-only funds. The company serves both new market entrants and established funds, providing regulatory compliance oversight, fund governance, and operational support.

Differentiator

Problem solved

Functional benefit

Products and services

• Trustee Services (Diversa Trustees Limited) RSE-licensed trustee services for APRA-regulated superannuation funds, providing regulatory compliance oversight, fund governance, and operational support. For fund operators and promoters of retail master trusts, corporate funds, platform/wraps, pooled super trusts, defined benefit funds, and insurance-only funds.
• Trustee Services (CCSL Limited) Related trustee services delivered through CCSL Limited, an associated RSE licensee, providing specialist trustee services to selected superannuation platforms and funds including LifeFocus Superannuation Fund.
• Arcadia Proprietary collaborative workspace platform that brings together client fund teams, service providers, and Diversa's industry experts to facilitate communication, coordination, and governance of trustee services operations.
• Member Assistance Program (MAP) Crisis counselling service providing up to four sessions with an independent qualified psychologist or counsellor for members affected by the First Guardian Master Fund collapse.

Named customers9 records

Segments1 record

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature1 record

Scale indicators2 records

Recent moves5 records

Expansion highlights4 records

Broad incumbents

• Insignia Financial (IOOF): Large ASX-listed wealth manager providing superannuation trustee, platform and administration services through MLC, ANZ OnePath and IOOF. Comparable as a multi-RSE-licensee operator competing for external fund mandates, although much larger and diversified across advice, platforms and investment management.
• Mercer Australia (superannuation): Global consulting firm running Mercer Super Trust and outsourced superannuation governance/services for Australian employers. Comparable in serving APRA-regulated super funds with governance, trustee and operational support, though delivered inside a global advisory franchise.
• MUFG Pension & Market Services: Australian arm of MUFG providing superannuation administration, custody and trustee-related services to institutional and retail super funds. Comparable to Diversa where Australian superannuation administration and governance services overlap, though anchored on global investor services scale.
• Sandhurst Trustees (Bendigo and Adelaide Bank): Bank-owned superannuation trustee within Bendigo and Adelaide Bank group providing RSE services to corporate and institutional super funds. Comparable Australian RSE licensee but competes with a captive bank-owned distribution channel.
• Perpetual Superannuation Limited: Trustee arm of ASX-listed Perpetual Limited providing superannuation trustee services to corporate, retail and legacy funds. Comparable as an established RSE licensee with multi-fund books, though it sits within a broader wealth management group rather than as a focused specialist.

Regional players

• Russell Investments (Australia): Global investment manager's Australian franchise offering superannuation trustee, investment and consulting services to employer and multi-employer funds (e.g. LGSS, QSuper partnerships). Comparable RSE governance and operational services competitor, particularly for larger and emerging super fund clients.

Emerging players

• Sargon Trustees: Independent, technology-focused Australian RSE licensee providing trustee and governance services to a growing portfolio of APRA-regulated super funds and platforms. Comparable as a newer specialist trustee competitor targeting emerging fund managers in the same niche Diversa plays in.
• HUB24 Superannuation: Tech-forward superannuation platform and trustee that, like Diversa, emphasises technology-enabled fund operations and partners with advisers for retail and platform super. Comparable as an RSE licensee that supports platform/wrap and advised super products with technology emphasis.

Others

• Australian Retirement Trust: Largest Australian profit-to-member super fund formed from Sunsuper + QSuper merger, operating internal trustee and governance. Listed because it represents the in-sourced trustee model some funds may revert to versus outsourcing to specialist licensees such as Diversa.

Direct peers

• Equity Trustees: ASX-listed independent provider of Australian trustee services (superannuation, debt securities, estates and philanthropy). Most direct comparable for Diversa given its independent RSE licensee model serving multiple external funds and AFSL-driven platform.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat4 records

Key risks7 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/diversa-trustees-limited

Revenue estimate

Valuation estimate

Number of profiles

Profiles11 records

Subsidiaries1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Diversa