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Mercer completes BT merger
Mercer Super Trust has completed the merger with BT to create a $63 billion fund.
The combined fund would now have 850,000 member and $63 billion in total assets under management.
Mercer had also completed the acquisition of Advance Asset Management to expand its investment multi-manager capabilities.
Tim Barber, chief executive of Mercer Super, said: “The merger of BT Super into the Mercer Super Trust provides the platform for Mercer Super to keep diversifying and growing our offering for members, while maintaining a continued commitment to fund performance and some of the lowest fees in the market.
“Mercer Super is one of the few established Australian funds with direct access to significant scale and expertise globally. This merger highlights the value of having both local and global scale, and how that powerful combination can be leveraged locally to deliver innovation and enhanced benefits for our members.”
BT Super Trustee chair, Gai McGrath, added: “Mercer has been helping Australians with their retirement for more than 25 years and is well placed to support BT Super members and participating employers.
“This merger has created a larger super fund with the potential to deliver improved performance, lower fees, and broader member services, while maintaining continuity of knowledge and service for BT Super members”.
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.
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