Mercer welcomes $1.9bn BT portfolio from Westpac

BT mercer westpac

7 November 2023
| By Jasmine Siljic |
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Mercer has successfully transitioned BT’s Private Portfolio Management (PPM) arm to the firm from Westpac Group.

In strengthening Mercer’s suite of investment solutions, the PPM business has been renamed to Mercer Private Portfolios.

The business utilises Mercer’s global expertise to provide personalised investment offerings to investors such as not-for-profit organisations or high-net-worth individuals and their financial advisers.

Mercer’s announcement to own the $1.9 billion portfolio management service was first made in May this year

Prior to this, the investment firm also acquired Advance Asset Management and completed a merger with BT Super in early April. This saw the combined fund reach $63 billion in funds under management (FUM) and 850,000 members. 

In addition, Mercer welcomed 350 BT employees, including the executive appointments of Andrew Wallace and Corrin Collocott to Mercer’s Pacific leadership team.

Simon Eagleton, investments leader for Mercer in the Pacific region, was delighted to welcome the new clients and colleagues on board at Mercer as the renamed portfolio was introduced to the market. 

“Mercer Private Portfolios brings together the 50-year legacy of PPM’s high-quality service model and Mercer’s global expertise in investments, to deliver a compelling proposition to Australian wholesale investors and their advisers,” he said.

“The Private Portfolio transition enables us to further innovate and enhance our overall investment product suite for the benefit of our clients. 

“It complements our existing range of investment capabilities and provides a launching pad for Mercer to service the entire wholesale market, from large institutional clients to smaller, sophisticated investors such as high-net worth individuals and not-for-profits.”

New staff also transitioned from PPM to the Mercer team, who will focus on providing continuity of relationship management, client services and operations support functions.

Recent research analysing various platforms saw Mercer hold the top spot for annual FUM growth. 

The firm’s funds more than doubled, with a rise of 131.5 per cent in FY23. This was credited to the $35 billion worth of business transitioned by BT. Most of this occurred in the last quarter when Mercer’s FUM rose by 105 per cent. 

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

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