Mercer welcomes $1.9bn BT portfolio from Westpac

Mercer welcomes $1.9bn BT portfolio from Westpac


Mercer has efficiently transitioned BT’s Personal Portfolio Administration (PPM) arm to the agency from Westpac Group.

In strengthening Mercer’s suite of funding options, the PPM enterprise has been renamed to Mercer Personal Portfolios.

The enterprise utilises Mercer’s international experience to supply personalised funding choices to traders similar to not-for-profit organisations or high-net-worth people and their monetary advisers.

Mercer’s announcement to personal the $1.9 billion portfolio administration service was first made in Might this 12 months.

Previous to this, the funding agency additionally acquired Advance Asset Administration and accomplished a merger with BT Tremendous in early April. This noticed the mixed fund attain $63 billion in funds below administration (FUM) and 850,000 members.

As well as, Mercer welcomed 350 BT workers, together with the manager appointments of Andrew Wallace and Corrin Collocott to Mercer’s Pacific management crew.

Simon Eagleton, investments chief for Mercer within the Pacific area, was delighted to welcome the brand new shoppers and colleagues on board at Mercer because the renamed portfolio was launched to the market.

“Mercer Personal Portfolios brings collectively the 50-year legacy of PPM’s high-quality service mannequin and Mercer’s international experience in investments, to ship a compelling proposition to Australian wholesale traders and their advisers,” he stated.

“The Personal Portfolio transition allows us to additional innovate and improve our general funding product suite for the advantage of our shoppers.

“It enhances our present vary of funding capabilities and supplies a launching pad for Mercer to service your entire wholesale market, from massive institutional shoppers to smaller, subtle traders similar to high-net value people and not-for-profits.”

New workers additionally transitioned from PPM to the Mercer crew, who will deal with offering continuity of relationship administration, shopper companies and operations help features.

Latest analysis analysing varied platforms noticed Mercer maintain the highest spot for annual FUM progress.

The agency’s funds greater than doubled, with an increase of 131.5 per cent in FY23. This was credited to the $35 billion value of enterprise transitioned by BT. Most of this occurred within the final quarter when Mercer’s FUM rose by 105 per cent.

On the flip facet, the deal meant BT’s FUM decreased by 20 per cent on an annual foundation and 21.2 per cent on a quarterly foundation.

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