Mercer selling super admin business to Apex
Mercer’s long-time role as a leading superannuation administrator in Australia appears to be at an end with the company having entered into an agreement to sell its administration business in Australia to Apex Group.
Apex has announced the transaction noting that it is subject to approval by the Australian Competition and Consumer Commission and the Foreign Investment Review Board (FIRB).
According to the announcement, Apex Group will execute a lift-out arrangement to onboard Mercer’s standalone superannuation administration operations, enabling Apex to integrate Mercer’s administration and operational teams into its business to enhance service delivery and continuity for clients.
The clients will no doubt be better off. I recall when TAL sold its super business to Mercer. It was horrible for clients and horrible for advisers. Mercer treated the existing advisers like trash and the clients with indifference. Horrid organization, truly.