Mercer has completed a 'successor fund transfer' of Virgin Super into its $21 billion Mercer Super Trust, creating the soon-to-be-launched entity Virgin Money Super.
Mercer has been providing Virgin Super with super administration services since 2015. The new agreement will allow both firms to jointly market Virgin Money Super.
“Partnering with one of the world’s most iconic brands allows both Mercer and Virgin Money to leverage the best capabilities from each organisation,” said Mercer’s financial services business leader Andrew Godfrey.
“It also provides a new opportunity for significant growth in Mercer’s superannuation business, opening up a direct to consumer offering and the potential for us to service the micro, and small-to-medium employer markets.”
Mr Godfrey said the deal “represents a strategic expansion for the future of Mercers’ wealth business”, adding that the two businesses could now jointly market Virgin Money Super.
Additionally, Virgin Money Super will now have access to the Mercer Edge data and analytics platform, which Virgin Money Australia chief executive Greg Boyle said would be useful for members.
“Our customers are tech-savvy and will appreciate the next-generation digital experiences made possible by Mercer – allowing them to see their retirement savings in a whole new light,” he said.
A coalition of Australian financial services providers, insurers and scientists has rolled out new standards for physical risk assessment fr...