HESTA and Mercy super funds merge

HESTA and Mercy Super have signed a letter of intent to merge. A successful merger would see 13,000 Mercy Super members transferred to HESTA, creating a fund with almost $70 billion funds under management.

Subject to completion of a range of conditions, including due diligence by both parties, the two companies aim to complete the merger before the end of the year.

HESTA CEO Debby Blakey said the merger will provide a range of benefits to members. “This merger is the start of a wonderful new chapter of our growth that we believe will benefit members and continue to position HESTA as the fund of choice for those wanting their super to have impact.”

Meanwhile, Mercy Super CEO Wendy Tancred said the merger had been strategically planned as the next logical step to ensure that their members’ super remained strong and sustainable into the future.

“In HESTA we have chosen a top performing fund that shares our same commitment to the health sector and those working in it,” Ms Tancred said. “We’re confident our members will continue to enjoy even better retirement outcomes through a winning combination of strong performance and low fees in a like-minded fund where the cultural fit is strong.”

The Mercy Super board chose to enter into exclusive discussions with HESTA due to its strong track record of performance, future sustainability and deep links to the health sector.

“We’ll keep our members informed as we work through the merger and formal agreements are reached,” said Ms Tancred. “In the meantime, it’s business as usual for our members.”

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