HESTA completes merger with Mercy Super

 Health and community services super fund HESTA has seen its total funds under management (FUM) swell to nearly $70 billion following the completion of its merger with Brisbane-based Mercy Super today.

Announced six months ago, the deal has seen 13,000 Mercy Super members and their assets transfer over to HESTA, with most of the former’s employees joining the health fund to help service 970,000-plus members.  

The move comes amid a flurry of consolidation in the sector after two of Australia’s largest superannuation funds - QSuper and Sunsuper – brought together more than two million members to create a $230 billion manager called Australian Retirement Trust (ART).

Read More: https://www.businessnewsaustralia.com/articles/hesta-completes-merger-with-mercy-super.html