The merger of HESTA and Mercy Super has been completed, resulting in 13,000 Mercy Super members and their assets moving to HESTA, bringing total funds under management (FUM) to almost $70 billion, HESTA confirmed in a statement on Monday.
“It’s exciting that we’ve been able to deliver a smooth merger in just eight months, which has involved great collaboration with Mercy Super and HESTA colleagues across so many teams,” said HESTA CEO Debby Blakey.
“It’s been an incredible effort and I want to thank Mercy Super CEO Wendy Tancred and all the team [members] who’ve done an amazing job to ensure that members continue to receive outstanding service and help when they need it.”
HESTA and Mercy Super announced in August that they had signed a successor fund transfer agreement with the intention of merging on November 30.
“Mercy Super and HESTA rounded out the 2021–22 financial year, delivering some of the industry’s best long-term investment performance. Merging from such a position of strength means members will continue to benefit from being part of a leading superannuation fund,” Ms Blakey said at the time.
Mercy Super was established in 1962 by the Sisters of Mercy Queensland and has approximately $1.6 billion in FUM.
In the statement on Monday, HESTA said it continues to build on its strong presence in Queensland, with most of Mercy Super’s employees joining HESTA and the retention of the on-site location at Mater’s South Brisbane Hospital campus to continue providing on-the-ground support for members.