POWERED BY MOMENTUM MEDIA
HESTA and Mercy Super to merge
HESTA and Mercy Super are set to merge their two funds, having signed a letter of intent to merge via successor fund transfer.
This would see 13,000 Mercy Super members transferred to HESTA and create a fund with almost $70 billion in funds under management.
Subject to conditions, the funds aimed to complete the merger before the end of 2022.
HESTA chief executive, Debby Blakey, said: “I’d like to acknowledge the excellent service Mercy Super provides its members and the strong alignment we share through our focus on delivering better retirement outcomes for members and our dedication to serving the health sector.
“This merger is the start of a wonderful new chapter of our growth that we believe will benefit members and continue to position HESTA as the fund of choice for those wanting their super to have impact.”
Mercy Super chief executive, Wendy Tancred, said the merger had been strategically planned as the next logical step to ensure that their members’ super remained strong and sustainable into the future.
The Mercy Super board chose to enter into exclusive discussions with HESTA due to its strong track record of performance, future sustainability and deep links to the health sector.
AUTHOR
Laura Dew
Laura Dew is editor at Super Review. Prior to joining SR, she spent five years working at Investment Week in the UK covering asset and wealth management.
Recommended for you
A major super fund has defended its use of private markets in a submission to ASIC, asserting that appropriate governance and information-sharing practices are present in both public and private markets.
A member body representing some prominent wealth managers is concerned super funds’ dominance is sidelining small companies in capital markets.
Earlier this month, several Australian superannuation funds fell victim to credential stuffing attacks, which saw a small number of members lose more than $500,000.
Small- to medium-sized funds have become collateral damage in an "imperfect" model for super industry levies, a financial institution has said.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
DomaCom DFS Mortgage
93.34 3 y p.a(%)
2
Global X GlobalX FANG+ ETF
37.15 3 y p.a(%)
3
GAM LSA Private Shares AU I
33.96 3 y p.a(%)
4
Fidante Credit Suisse Global Private Equity
29.68 3 y p.a(%)
5
Plato Global Alpha A
28.73 3 y p.a(%)
