HESTA, Mercy Super complete merger in Australia

Australia’s HESTA, a specialist industry super fund, and superannuation consultant Mercy Super completed a merger on Dec. 1, creating the combined entity HESTA for Mercy Super.

Mercy Super has a 60-year history of supporting members from Mater’s South Brisbane, Australia, hospital campus, according to a statement from Mercy Super.

“We’ve always put the interests of our members first and believe it is now time for our members to benefit from being part of a larger fund,” said Mercy Super. “HESTA is a top-performing fund that shares the same commitment as Mercy Super to the health and community services sector and those working in it.”

The merger will occur through a successor fund transfer, following the agreement from both trustee boards to proceed with the merger after completing extensive due diligence. The merger is subject to satisfying certain agreed conditions.

With the merger, HESTA has more than 970,000 members and nearly A$70 billio