Pillar Administration, a Wollongong-based company with over $100 billion in funds under administration, has been acquired by Mercer.
The NSW government announced it would be putting Pillar up for sale in December 2015 as part of its ‘asset recycling’ program.
Link Group was initially a frontrunner to acquire the business, but its hopes were dented when the ACCC raised objections to the acquisition in October 2016.
In a statement Mercer said the acquisition would make it the largest provider of outsourced superannuation administration services in Australia.
Mercer’s managing director Ben Walsh said: “We will add further value to our clients and to members through the investments we are making in our business and through strategic partnerships, alliances and acquisitions such as this one.”
“Specifically, we know many super funds are seeking a proactive and sustainable business partner who can provide superior administration and related services, reduce costs and help funds get closer to members.
“For this reason we have invested heavily in our people capability, process innovation and technologies to ensure we are ready for these opportunities. This deal provides Mercer with the capability and scale to enhance our clients’ relationships with their members,” Mr Walsh said.
