Hesta has completed its merger with Mercy Super with 13,000 members moving to Hesta.
This brought total funds under management to almost $70 billion.
Hesta CEO, Debby Blakey, said: “It’s fantastic that this merger continues to build on HESTA’s strong growth, and I’d like to take this opportunity to welcome Mercy Super members who can be assured they continue to be in a top-performing fund.
“We’re honoured to continue the legacy Mercy Super has built as we share a long-term focus and commitment to delivering better retirement outcomes for all our members.”
The merger, which took eight months to complete, would see Mercy Super’s employees join Hesta and the retention of an on-site location at Mater’s South Brisbane Hospital to provide support for members.
Amid a challenging market environment, three super fund CIOs have warned against ‘jumping at shadows’.
The professional body is calling for the annual performance test to transition to a two-metric test, so it better aligns with the overarching duty of super fund trustees to act in the best financial interests of their members.
AustralianSuper, Rest, and HESTA agree on the need to retain and enhance the test, yet they differ in their perspectives on the specific areas that warrant further refinement.
Australia’s second-largest super fund has confirmed it is expanding its presence in the UK following significant investment in the region.
Add new comment