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Mercer wins administration mandate
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.
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ART has paid just under $20,000 to comply with an infringement notice issued by ASIC over allegedly misleading performance data published on its website.
Superannuation assets have fallen in the March quarter primarily due to negative investment returns amid sharemarket volatility.
QSuper has agreed to an in-principle settlement of nearly $70 million over claims it failed to notify members of life insurance premium changes.
ASIC is not done with death benefits, commissioner Simone Constant warned trustees this week, stressing that the corporate regulator remains focused on driving a step change in how member services are delivered.
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