POWERED BY MOMENTUM MEDIA
HESTA taps Grow Inc for admin service
After almost a decade with Link Group, HESTA has announced its partnership with Grow Inc for outsourced administration services.
It is expected to be completed towards the end of 2024.
The $72 billion superannuation fund said it builds on an existing partnership as Grow Inc delivers administration services to around 13,000 members of the fund’s HESTA for Mercy product after the merger with Mercy Super late last year.
HESTA chief executive, Debby Blakey, views this as an opportunity to respond to the fast-changing needs of its members in real time.
“The Grow Inc. platform is expected to help us improve member experiences, data management and provide us the flexibility to innovate at greater pace and more efficiently,” Blakey stated.
“That’s going to help our members face the future with confidence and support a seamless super experience for our partners.”
She added that the superannuation industry is facing a rapidly changing technology landscape in the years ahead, pushing funds like HESTA to build its data, technology, and digital capabilities.
“This partnership with Grow Inc. represents an exciting new chapter in our development as a data and technology-driven organisation,” Blakey said.
“We want to work collaboratively with Grow Inc. and other partners to create personalised, adaptive, and increasingly predictive experiences at scale for members across various channels that’s going to help them have a better financial future.”
In a statement to the ASX, Link Group confirmed its contract for the provision of fund administration services to HESTA will not be renewed.
HESTA represents around 4 per cent of the group’s financial year 2023 estimated group revenue.
Blakey added: “I’d like to acknowledge the work of the Link Group and recognise their continued hard work and dedication in helping our members and employers.”
HESTA, one of the largest super funds dedicated to Australia’s health and community services sector, has more than 1 million members.
AUTHOR
Rhea Nath
Rhea L Nath is a journalist on Super Review and InvestorDaily, with a focus on funds management, superannuation, and institutional investment. Previously, she covered small business and entrepreneurship news at Dynamic Business and multicultural issues at Indian Link Media Group. In 2022, she was named Young Journalist of the Year at the NSW Premier’s Multicultural Communications Awards.
Recommended for you
In its pre-election policy document, the FSC highlighted 15 priority reforms, with superannuation featuring prominently, urging both major parties to avoid changing super taxes without a comprehensive tax review.
The Grattan Institute has labelled the Australian super system as “too complicated” and has proposed a three-pronged reform strategy to simplify superannuation in retirement.
Super funds delivered a strong 2024 result, with the median growth fund returning 11.4 per cent, driven by strong international sharemarket performance, new data has shown.
Australian Ethical has seen FUM growth of 27 per cent in the financial year to date.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
Spire Oaktree Opportunities XI Second Close
36.43 3 y p.a(%)
2
Spire Oaktree Opportunities XI First Close USD
35.08 3 y p.a(%)
3
DomaCom Lot 21 Chellaston Road Munno Para West SA 5115 Australia
31.72 3 y p.a(%)
4
Fidante Credit Suisse Global Private Equity
29.60 3 y p.a(%)
5
Global X GlobalX FANG+ ETF
27.64 3 y p.a(%)
