HESTA, Mercy Super latest to merge in Australian consolidation wave
Australian pension funds continue to merge to increase scale and enable more investment options at competitive fees.
The merger between the Health Employees Superannuation Trust Australia, known as HESTA, and Brisbane-based Mercy Super fund has become the latest in a slew of consolidations in the Australian superannuation space. The trend is the result of new performance tests and fund comparison tools by the Australian Prudential Regulation Authority (APRA) in past two years.
By merging with the smaller Mercy Super, HESTA has boosted its assets under management to $57 billion (A$70 billion) …
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