Marsh McLennan business creates $63bn superannuation fund in Australia
Global brokerage Marsh McLennan has created a $63 billion superannuation fund in Australia through acquisition.
Marsh McLennan’s Mercer business has completed the merger of BT Super into the Mercer Super Trust, creating what it claims as one of Australia’s most competitive super funds, as well as the acquisition of Advance Asset Management, further expanding its capability as an investment multi-manager in Australia.
The Mercer Super Trust is now one of the 15 largest funds in Australia with approximately 850,000 members and $63 billion total assets under management. Mercer has $345 billion of assets under management and $16.5 trillion of retirement assets under advisement.
David Bryant, CEO Marsh McLennan Pacific and president Mercer Pacific, said the merger will transform the superannuation sector in Australia.
“We promised members that we would deliver them a market-leading offering in terms of benefits, performance and pricing and, today, we’re delivering on that promise,” he said. “Leveraging our global scale and the insights of our team of approximately 2,000 investment professionals around the world, Mercer Super members will benefit from being part of one of the most competitive super funds in Australia, and this is only the beginning.”
Martine Ferland, president and CEO, Mercer, added: “Redefining retirement and preparing for the new economy of longer lives is a priority for Mercer and our clients. Today, we take a meaningful step in our journey to build brighter financial futures and are pleased to offer hundreds of thousands of Australians increased investment choices and enhanced member experiences.”
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