Mercer completes BT Super and Advance deals with Westpac

03 April 2023 Consultancy.com.au 5 min. read
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Announced almost one year ago, Westpac and Mercer have completed their mega double-deal in Australia’s superannuation funds industry.

In May last year, Westpac announced the plan to merge its BT Financial Group with Mercer’s Super Trust, creating a fund with $63 billion in total assets under management. The deal also saw Westpac sell its Advance Asset Management, which has $43.7 billion in funds, to Mercerfor an undisclosed sum.

Today, the deal has closed in what leaders of both companies describe as a milestone for the superannuation industry, and a step forward for fund members.

Mercer completes BT Super and Advance deals with Westpac

“The completion of the merger and sale has created benefits for BT Super members, new opportunities for our people with a global investment and retirement specialist, and redefined the landscape of superannuation in Australia,” said Westpac’s chief executive, Jason Yetton.

BT Super Trustee Chair, Gai McGrath said: “Mercer Super Trust has been helping Australians with their retirement for more than 25 years and is well placed to support BT Super members and participating employers. This merger has created a larger superannuation fund withthe potential to deliver improved performance, lower fees, and broader member services, while maintaining continuity of knowledge andservice for BT Super members.”

Part of Marsh McLennan, Mercer is one of the world’s largest human capital consulting firms. The firm also has an investments and supertrust business. With approximately 850,000 members, the Mercer Super Trust is now one of the 15 largest funds in Australia.

David Bryant, CEO of Marsh McLennan in the Pacific and President of Mercer in the Pacific, said the merger will transform the superannuation sector for the ultimate benefit of Australians. “We promised members that we would deliver them a market-leading offering in terms of benefits, performance and pricing and, today, we’re delivering on that promise.”

“Leveraging our global scale and the insights of our team of approximately 2,000 investment professionals around the world, Mercer SuperTrust members will benefit from being part of one of the most competitive super funds in Australia, and this is only the beginning.”