HESTA and Mercy Super complete merger
HESTA and Mercy Super have completed the merger which will see 13,000 Mercy Super members and their assets moving to HESTA, bringing total funds under management to almost $70 billion.
HESTA said it would continue to build its presence in Queensland, with most of Mercy Super’s employees joining HESTA and the retention of the on-site location at Mater’s South Brisbane Hospital campus.
“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,” HESTA chief executive officer, Debby Blakey, said.
“It’s exciting that we’ve been able to deliver a smooth merger in just eight months, which has involved great collaboration with Mercy Super and HESTA colleagues across so many teams.
“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.”
The two funds signed a letter of intent to merge via a successor fund transfer in June this year, with an expected date of the merger completion before the end of the year.
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