Fabulous, thanks very much. I really appreciate the opportunity to talk to everyone about EQT Holdings Ltd, or under the brand Equity Trustees. I'll just show the disclaimer. See that? I'll give you now a snapshot of EQT Holdings Ltd. Firstly, Equity Trustees was established in 1888. It's a very old company. We've acquired a number of companies along the journey, and some of those are even older. It's 147 years young, is the way we like to think about it. It's an ASX 300 company, with a market capitalization just on $800 million. We supervise over $250 billion of assets. Most of those assets are under our trusteeship or supervision, sometimes administration as well. That is an enormous footprint across the Australian wealth industry. It's number five in Australia if you exclude the two government entities, the Future Fund and the Commonwealth Superannuation Fund. $250 billion.
We've got 460 staff. We're supporting over 260 fund managers, asset owners, superannuation fund promoters, and corporate entities. When it comes to individuals, we're protecting the interests of some 800,000 individuals that are either beneficiaries within trusts, members of superannuation funds, or investors in managed investment schemes primarily. You can see that we're spotted around the country, and our headquarters are here in Melbourne, where the majority of our people are. We'll just move to the next slide. Let's talk about the various lines of business that we operate and where we're positioned in the market. Effectively, we've got two lines of business: our private client business, which is called Trustee Wealth Services, and it has the trust business as well as an embedded asset management business. On the other side, we've got our Corporate and Superannuation Trustee Services. These are our services to all corporate types of clients.
If I start on the left-hand side in the private client business, we have a very large philanthropy business of more than $3 billion and granting around $170 million a year to fabulous causes. We're the equal leading provider of services in philanthropy. The health and personal injury sector, these are unfortunately people who have acquired injuries and then received court awards. This is a large business for us as well. We're managing over $4 billion in this area, and we're the clear leader in the market in health and personal injury. Estate management, so executing people's estates on death, we do about 300 of these a year, the equal leader in the market. Estate planning, really the major trustee company providing estate planning services in Australia. Continuing trusts, so these are trusts generally set up in wills called testamentary trusts, and we're the equal leading provider there.
We have a small advice business, basically looking after our beneficiaries and our clients that need advice. The asset management team manages over $6 billion of assets, and it's a funds management capability that's specifically designed for the needs of our private client trusts. It's got a focus on capital appreciation and income production. If I move to the right-hand side and talk about Corporate and Superannuation Trustee Services, we're the leading provider of responsible entity services in Australia. This is the governance role, if you like, in terms of a managed investment scheme and an independent role to the fund manager of those schemes. In this area, we have about $140 billion under supervision. It's a 27-year-old business, and it's a very quickly growing business for us. The next is custody and real assets.
We have a custody license, and we provide custody of real assets, so real estate and infrastructure and the like. The final one is DCM, debt capital markets and securitization, where we take on trustee roles in the issuing of debt and securitization of debt issues. The second major part of Corporate and Superannuation Trustee Services is our superannuation business, where we oversee close on $90 billion of funds for about 15 superannuation funds and a similar number of clients. This is a business that started about seven years ago at $1 billion, so it's grown very quickly. We also look after the trusteeship of small APRA funds. We're the only provider in Australia of those services. I'll talk about the acquisition of Australian Executor Trustees, which we did in November of 2022. That's in our private client business.
That gave us market leadership in Adelaide and in Perth, strengthened our position in Sydney and in Brisbane. We already had, of course, market leadership in the Victorian market, given our heritage in this market. You can see that we've got very strong market leadership positions in almost all the markets in which we operate. If I now just turn to looking at how we're positioned to capitalize on Australia's demographics and the financial market forces that are at play. In Trustee Wealth Services, our services are primarily driven by the changing demographics of Australia. If you look at the Australian population, the over-80s population cohort is the fastest growing cohort in Australia. It's expected to double over the course of the next 20 years. It's also expected that there'll be some $3.5 trillion of wealth in the generational wealth transferred between generations over that time period.
It is a key driver of our services. On the health and injury side, there's an increasing focus on disability. As I said before, we're the leader in this market, and that continues to grow at above a normal type of growth rate. Finally, you know there's increasing financial resources being given to First Nations people in different communities. Our business empowers those First Nations people to benefit from the monetary value of their land and mining resources. On the right-hand side, if you look at Corporate and Superannuation Trustee Services, it's primarily driven by a couple of things. The growth in superannuation assets, so that market sits at $4.2 trillion. It's growing according to, if you like, the 12% mandated contribution rate, which covers almost all the Australian population. It's a well-funded system that's got a mandated growth rate going into the future.
That drives the growth for us in superannuation, but also in our corporate trustee services because most of that superannuation money ends up being invested either in managed investment schemes or directly into investment mandates. Most of our revenue is correlated to investment markets, and that's a positive over the long term. The final thing I'll just touch on is regulation oversight. We're a heavily regulated business, and it's very complex. This is a two-edged sword, really, for us. Whilst it may put up some of our compliance costs, it does actually increase the value of the services that we're offering and making it, if you like, more demand for the services given the heightened risk in taking on the role of trusteeship in managed investment schemes and in superannuation funds. I'll just now turn to our revenue sources.
If you look at the pie in the middle, you can see the revenue is just over half in Trustee Wealth Services. We have 25% in Corporate and Superannuation Trustee Services on the corporate side and another 20%, just less than 20%, on the superannuation side. I then break out both those pies on the left and the right-hand side. You can see that the corporate trustee business is dominated by fund services, where we provide responsible entity services, and that's 21% of our revenue. On the right-hand side, you can see a much more diversified mix of Trustee Wealth Services sources of revenue. Effectively, our philanthropy business, or PCT, as I said on that slide, perpetual charitable trusts, is just over 20%. We have no subsegment of any of our business that's more than 22% of our share of revenue.
It's a very diversified source of revenue in the business. Now I'll just look at the strong performance track record over the course of the last four years. We'll start on the left-hand side with a measure of what we call FUMAS, or Funds Under Management, Administration, and Supervision. It takes in all of the assets that we're overseeing in one form or another. You can see the three-year CAGR there is 21% per annum. We've had really strong growth in overseeing funds in the market, and as I said, we're up to $254 billion now. A lot of that growth has been driven out of our corporate trustee services business and superannuation. That is a key driver of our revenue.
As I said, most of our trusts and our schemes and our superannuation funds, we have fees that are connected to the asset values, so it's a key driver of revenue. On the right-hand side, you can see the revenue split by the different segments has grown by 19% per annum over the last three years. I should point out that we acquired the AET business in November 2022, and that's added to that revenue growth. Finally, on the right-hand side, I'm showing there the group net profit after tax, and you can see that has grown by 11% per annum over the last three years. We have, over the last three years, presented it in a form of just the statutory net profit after tax, as well as the underlying net profit after tax with the grey bars there.
We've done that because we've made very significant investment over the course of the last two and a half years, one, in acquiring AET and then integrating the business over that journey, and then, two, in building a number of new technology platforms for the business. We're showing the underlying result there, stripping those expenses out. What you can see in FY25 is that the statutory result is very close to reverting to the underlying result. If you saw our results that were put out to the market just last week, we show the second half versus the first half of FY25, and you can see the statutory result has almost reverted fully to the underlying result. We're very happy with that progress.
If I move on to the next slide and just look at the balance sheet and look at dividends, there's a dividend progression over the course of the last four years. Dividends have grown around 5% per annum over that period. We have a payout ratio somewhere in the 70% to 90% range as the board's position on that. If I just comment on the balance sheet, the gearing (debt-to-equity) ratio is at 10.5%. We seek to keep the balance sheet in investment-grade territory. We don't have a formal debt rating or credit rating, but we have very low levels of gearing in the balance sheet. Currently, the balance sheet has excess liquidity above our regulatory capital needs of about $40 million. We also have undrawn borrowings of about $38 million. The balance sheet provides us with significant flexibility as we stand today. I'll move on to the next page.
I just want to comment on the benefits of investing in Equity Trustees' business. The first thing I'd point out is the independent trustee model, which is the service that we primarily provide. We're independent of all other parties in providing our trustee service, which is increasingly being favored by the market and by the regulation in Australia. We offer professional trustee services unconflicted from other parties, and that's increasingly what's being demanded in both the investment markets as well as in the superannuation market. I mentioned before that our growth is really underpinned by two key things. Firstly, the growth in superannuation assets is driving our corporate and superannuation trustee services business's growth. Intergenerational wealth transition and the increasing complexity of families is driving the needs for our private client trustee services in terms of estate planning, managing trusts, and taking on trusteeship of those trusts.
Specifically, in particular market segments of health and personal injury and native title, they're both growing above GDP growth rates. The third point's a really important point that the EQT business has enduring income profiles. Most of our trustee appointments are very long-term in nature. In some cases, in perpetuity. In other cases, they may be for 50 years. In terms of the health and personal injury book, that would be an average. In terms of our continuing trust book, it's probably for about 30 years. Most of the appointments we take on in superannuation and as the responsible entity for managed investment schemes are long-term appointments that don't change very often. There are impediments to change. In many cases, maybe court action is required or alternatively, a unit holder vote is required to change the trustee. Very long-term enduring revenue across the whole business.
The balance sheet's in great condition. We haven't been active in the M&A space over the course of the last two and a half years as we integrated the AET business. As we move forward right now, we are being more active and having dialogue around opportunities. I should say, when looking at M&A opportunities, we are only looking in the trustee space. This is a specialist trustee business, and we don't look to move outside those lines. Finally, we've got high employee engagement and enablement. We've spent a lot on technology over the course of the last two and a half years, a new platform for Trustee Wealth Services, a new platform for active philanthropy within that business. We've got Workday that's been implemented as our platform for finance, for payroll, and for human resources.
We've shifted our infrastructure effectively to a service in the cloud process while upgrading our cybersecurity. The business is well set at the moment and not requiring really significant investment going forward. We'll continue to invest in technology. We'll shift that investment to our Corporate and Superannuation Trustee Services side primarily going forward. I'll stop there, and I'm very happy to take any questions that anyone has. Thank you.
Right. Thank you, Mick. Again, good insight to EQT. Thank you for giving me a new acronym. I've been in the business for about 40 years. FUMAS is new to me, but I'll try and use it wherever I possibly can.
Thank you.
Very, very early on, you talked about the philanthropy services you provide, and there's some questions around, are these people leaving bequests or charitable donations that they want to have continuing perpetuity? Could you just give me a color around?
Yeah, sure. Primarily, people can participate in philanthropy three ways through our vehicles. One is creating a perpetual charitable trust in their will. The bulk of our business has been established in that way over the course of the last 140 years. Going forward, philanthropy has been changing for some time, and people are more likely now to be giving while they're still alive. Therefore, they can take out a private ancillary fund, or they can take a sub-account in our public ancillary fund. That's the area that we will be growing over the future and where we've built the platform to facilitate that growth.
Yeah, okay. It's a related question, but there's a few coming in late in the piece on the phone. I'll get through as many as I can. It just jumped around, but I think I can get the gist of it. In that regard, how do you manage your commercial interests separately from the interests of the beneficiaries of those trusts and bequests?
Sure. It's a good question. There is legislation that limits the fees that are charged on those types of trusts. If you're writing that into a will, there's a protection, if you like, in the Corporations Act for that. If you're active in philanthropy and you're still alive, effectively, you're entering into an agreement. You're taking a public offer from us, and those fees are published. For very large-scale arrangements, they could be negotiated. Once those fees are set, they're effectively set, and then we go about managing the trust on that basis.
Further related to this, in terms of regulation, are you regulated in the same or similar way to Australia's banks?
The regulation for us is primarily coming from APRA for our superannuation business, although ASIC is playing an increasing role in that space. For our Corporate Trustee Services business, we're primarily regulated by ASIC and under the Corporations Act. For our traditional trustee business, which is in Trustee Wealth Services, that is also regulated by ASIC and also the Attorney Generals in each state in relation to charities. That is primarily defined in the Corporations Act as well.
Right. Just something more broadly about the business, you talked through the various segments of it, but you did mention the aging Australian population, the growing number of people to be aged over 80 in the not-too-distant future. How do you see the opportunities for you going forward with that aging population? Is it something that you can play to, or is it strength you can elevate?
Yeah, I think it's a material opportunity for us. The challenge for us is distribution into that market segment. Often, they're connected with advisors, and we distribute primarily through other parties, so financial planners, brokers, private banks, and the legal industry by and large. For us, it's about leveraging those networks. We feel that there is an unmet demand for our services, if you like, and that if we could get to a wider market, the service of trusteeship, independent trusteeship, is very important given the aging of the population, people losing capacity but still living for long periods of time, and the increasing complexity of family arrangements and also investment arrangements as Australia's wealth has grown pretty significantly in recent decades. It is a big opportunity for us.
Right. We've just ticked over the time there, Mick, but we do thank you for your time this morning joining us from Melbourne for ASIC CA Connect. We look forward to talking to you again in the future.
Yeah, very nice to talk again. Appreciate the opportunity. Thank you.