Mercer has secured a significant new mandate, announcing this week that it has signed a seven-year administration services agreement with corporate fund Mercy Super.
Mercy Super has 12,000 members, assets of $700 million and covers Brisbane’s Mater Hospital and related businesses associated with Mercy Partners.
Mercer said the fund would be its largest Queensland client, with the fund transitioning to Mercer by 1 April.
Jim Chalmers has defended changes to the Future Fund’s mandate, referring to himself as a “big supporter” of the sovereign wealth fund, amid fierce opposition from the Coalition, which has pledged to reverse any changes if it wins next year’s election.
In a new review of the country’s largest fund, a research house says it’s well placed to deliver attractive returns despite challenges.
Chant West analysis suggests super could be well placed to deliver a double-digit result by the end of the calendar year.
Specific valuation decisions made by the $88 billion fund at the beginning of the pandemic were “not adequate for the deteriorating market conditions”, according to the prudential regulator.