Superannuation consolidation continues as HESTA merges with Mercy Super

 Health and community services super fund HESTA has announced plans to merge with Brisbane-based Mercy Super, adding 13,000 members and roughly $1.7 billion to its funds under management (FUM).

HESTA CEO Debby Blakey says the merger builds on the fund's strong growth and longstanding links in the Queensland community, where Mercy Super has been operating since 1962 providing benefits for employees of Brisbane’s Mater Hospital and other Sisters of Mercy organisations.

The proposed deal sees a continuation of a consolidation trend in the sector following the merger of QSuper and Sunsuper in February, which created the $230 billion Australian Retirement Trust (ART), and the announcement of Christian Super's planned merger with Australian Ethical (ASX: AEF) in April.

Read More: https://www.businessnewsaustralia.com/articles/hesta-confirms-plans-to-merge-with-mercy-super--taking-fum-to-more-than--70b.html



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