Mellon Financial Corporation has moved to further refine its strategic position in Australia by exiting its Australian Human Resources and Investor Solutions business.
The company announced today that it had signed a definitive agreement to sell the Human Resources and Investor Solutions business to Mercer Human Resource Consulting.
A spokesman for Mellon said that the sale of the business had been subject to a tender process, with the Mercer offer considered to be in the best interests of Mellon and the clients and staff of the Human Resources and Investor Solutions business.
The managing director of Mellon HR&IS, Barry Rafe said it was intended to ensure a seamless transition for clients and staff.
“From a client perspective it will be business as usual while the transition to Mercer takes place,” he said. “From a staff perspective, the Mercer agreement presents a great opportunity.”
Commenting on the transaction, Mellon’s Vice Chairman, Ron O’Hanley told Super Review that he believed Mercer represented a better owner for the business in circumstances where Mellon wanted to concentrate on its core competencies.
“It should certainly not be construed as a diminution of our interest in Australia, but rather a sharpening of focus on what we do best,” he said.
