Mercer is preparing to launch a series of super products by 2012 after a recent management reshuffle.
On Tuesday, Mercer announced Sandy McCarthy would succeed David Anderson as leader of its outsourcing business for the Asia Pacific.
McCarthy’s new role will focus on overseeing the rollout of a suite of superannuation product enhancements over the next three years, Mercer’s incoming managing director and market leader for Australia/New Zealand David Anderson told InvestorDaily.
“Internally, we’re referring to a product development highway that we’re embarking on over the next three years and that’s very much aligned with our ‘securing retirement incomes’ piece of work that we’ve done,” he said.
Anderson said this focussed on taking a “whole of life” approach to superannuation.
“So we’re making sure that there’s whole of life investment defaults available to members, making sure that there’s the right level of engagement and advice at various life stages, making sure that there are sufficient draw-down products as well as understanding how to mitigate against the longevity risk,” he said.
“Some product development takes longer than others and we’ll make this available not only to members in our corporate master trust but also to our many outsourcing clients for their members.”
Anderson said this product expansion was part of a broader three-year strategic plan that has been developed for Mercer’s outsourcing business.
“The executive team responsible for that business is pursuing that strategic plan, which Sandy will now lead,” he said.
“It has a number of key elements and they include things like diversifying into the multi-employer plan outsourcing space – so public sector funds and industry funds – which we’re successfully doing through a number of client wins.”
McCarthy, who will be based in Melbourne for the new role, joined Mercer’s US business in August 2009 from ING.
She has held senior level positions at several other financial services institutions, including State Street Global Advisors and Fidelity Investments.
