Mercer has retained a key superannuation administration mandate – that of industry fund, Media Super.
Media Super is understood to have opted to continue with Mercer as its administrator following a review of its requirements and a receipt of expressions of interest.
It is understood the renewed mandate has been extended to include the Mercer Multi-Manager Funds within Media Super’s International Share investments, valued at $1.25 billion.
Morningstar believes there is still further to run with the potential takeover of Insignia Financial even with original bidder Bain Capital walking away.
Insignia Financial has announced the status of the two private equity bidders as due diligence comes to an end.
The future of superannuation policy remains uncertain, with further reforms potentially on the horizon as the Albanese government seeks to curb the use of superannuation as a bequest vehicle.
Superannuation funds will have two options for charging fees for the advice provided by the new class of adviser.