Mercer has secured a significant new mandate, announcing this week that it has signed a seven-year administration services agreement with corporate fund Mercy Super.
Mercy Super has 12,000 members, assets of $700 million and covers Brisbane’s Mater Hospital and related businesses associated with Mercy Partners.
Mercer said the fund would be its largest Queensland client, with the fund transitioning to Mercer by 1 April.
Australia’s superannuation funds are becoming a defining force in shaping the nation’s capital markets, with the corporate watchdog warning that trustees now hold systemic importance on par with banks.
Payday super has passed Parliament, marking a major shift to combat unpaid entitlements and strengthen retirement outcomes for millions of workers.
The central bank has announced the official cash rate decision for its November monetary policy meeting.
Australia’s maturing superannuation system delivers higher balances, fewer duplicate accounts and growing female asset share, but gaps and adequacy challenges remain.